Abstract
ABSTRACT Innovation is a key to enrich the competitive craft of the MSMEs (Micro, Small and Medium Enterprises). The inclusive development that policy makers often aim at should involve both technological and social indicators together providing holistic understanding of innovation. Technological indicators of innovation have been well researched, whereas social indicators have not been explored in detail. The article aims at exploring the indispensable interdependence of technological and social indicators for innovation. The analysis of cases from the cosmetic manufacturing MSMEs in India proposes the interdependence of technological and social indicators along dimensions of technology exploitation, R&D and knowledge generation for innovation. In cosmetic MSMEs, social context (beauty aesthetics and consumer habits) forms the base for the technology upgradation and R&D. Ayurveda form of knowledge for innovation is resourced from entrepreneurs’ social context. Therefore, this qualitative study suggests the amalgamation of technological and social indicators as imperative for informing policy solutions to promote practically successful innovations.
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