Innovation Management Model for Small and Medium-Sized Enterprises (SMEs): Georgia

Abstract

Abstract The present article explores the internal and external factors that enable the implementation of innovative practices within Georgian SMEs and the successful management of innovation and growth. We posit that a well-functioning and effective innovation management model is a prerequisite for growth and sustainability. The research aims to propose a conceptual model of innovation management and assess whether the application of innovation practices impacts the company’s growth in the targeted sample. The interpretation of results is based on examining the phenomenon and synthesis of theoretical information and data obtained from the online questionnaire and focus group. The data reported here appear to support the assumption that innovation management and a good combination of human and financial resources shall be the basis upon which the growth is implemented. As there is still a scarcity of research on innovation management practices in SMEs in developing countries, notably in Georgia, the present study shall contribute to the business and innovation management literature and shall develop recommendations and suggestions for start-up managers, entrepreneurs, policymakers or other interested parties. Consequently, the present research shall attempt to combine theoretical and empirical substantiations and create practical implications.