Leaping innovation barriers to small business longevity

Abstract

Purpose The purpose of this paper is to address the challenges faced by small businesses and to explain the importance of using strategic innovation to achieve long-term sustainability and viability. Design/methodology/approach This study of small business innovation includes reviewing the types and determinants of innovation as well as strategies to overcome innovation barriers. In addition, the authors developed a model that portrays elements needed for strategic innovation that supports the long-term viability of small businesses. Findings Small businesses serve as the economic foundation for many nations because they stimulate innovation, provide jobs, foster competitiveness and support overall economic growth. Small businesses can rapidly adapt to change, adopt new strategies and provide flexibility that supports strategic innovation. As a result, strategic innovation is a key driver of sustainable competitive advantage for small businesses. Practical implications Small business leaders need to integrate strategic innovation with their strategic planning to remain competitive. The strategic innovation model presented in this paper can assist them in understanding elements needed for successful strategic innovation and long-term viability. Social implications Globally, small businesses exert a strong influence on economic growth and create opportunities, employment and technological development. This paper will assist small business leaders as they strive to use strategic innovation to strengthen their competitive capabilities. Originality/value The unique strategic innovation model that the authors developed can help small businesses to achieve long-term sustainability and viability in the competitive marketplace.