Smart innovation management for better business performance

Abstract

The purpose of the research is to verify which innovation influencing factors are crucial for achieving optimal business results. The study encompassed low and medium-low technology Slovenian companies. The results showed that two key aspects of the innovation and economic performance of companies need to be addressed: smart financial investments in innovation and management of organisational aspects of the innovation process. The most innovative companies invest less in technology, yet more in other categories: external R&D, training, and marketing. In addition, influential organisational factors are related to the vision and strategic aspects of encouraging innovation. We can conclude that smart innovation management is a prerequisite to better innovation results and, in turn, also better economic results. The implications are relevant for managers so that they can appropriately invest in innovation and address organisational issues.