Abstract
Topicality. The topicality is that innovative actions are critical for demonstrating resilience in an increasingly competitive global economy. As a result, market participants must constantly adapt and upgrade their products, services, and manufacturing methods to take advantage of the most recent scientific and technological advances. It is critical to investigate, develop, and implement innovative ideas, methods, and products that will improve the economy and society.
 Aim and tasks. The analysis and study of mechanisms for increasing competitiveness and increasing the share of the international market in economic competition and development, identifying the economic contribution of innovative entrepreneurship, is the development of small and medium enterprises in a rapidly globalizing world.Research results. The prospects for the development of small and medium businesses in industrialized countries were examined, and recommendations for the actions were made. The establishment of a socioeconomic system that will assure long-term economic progress is critical for modern society's well-being. Development and competitive advantages are determined by science, innovation, and technology. All three of these criteria are necessary for long-term economic growth and sustainable productivity increase. In highly developed industrial societies, small and medium enterprises (SMEs), which play an important role in technological growth, form the foundation of the economic structure. As a result, it's critical to foster a technical innovation culture in SMEs, encourage creative thinking in the development of new products, processes, and services, improve knowledge management skills, and encourage risk-taking.
 Conclusion. Materials and findings in the study can be utilized to establish complicated and systematic measures, as well as conceptual approaches to problem solving, in order to create a competitive economy of innovative small and medium businesses in modern times.
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