The state of foresight in small and medium enterprises: literature review and research agenda

Abstract

Small and medium-sized enterprises (SMEs) are the backbone of many economies. In today's world of VUCA (Volatility, Uncertainty, Complexity, Ambiguity), SMEs face diverse challenges to survive and stay competitive. SMEs must prepare themselves for these challenges by practicing foresight. However, foresight, and especially corporate foresight, has been conceptualized and researched in the context of large corporations. Applying foresight in SMEs is therefore complicated by the question of how to implement foresight in the context of SMEs given their specific requirements and limitations. This article provides an overview on the literature on the application of foresight in SMEs is, along with a summary of the extent to which SMEs conduct foresight from an organizational and individual perspective. Besides offering a compendium on the state of foresight in SMEs, a research agenda is formulated, incorporating the idea of a toolbox tailored to SMEs based on existing approaches and prior works.