While innovation is often thought of as something involving cutting-edge technology, in the context of SMEs it should rather be defined as a small business’ ability to adapt to changes in its environment – with the process catalyzing new ideas, products and service offerings, and potentially different ways of doing business.
As such, innovation can enable your SME to exploit changes and opportunities in order to stay relevant and gain market share. This is especially possible given the speed with which you as an entrepreneur can effect change in your business.
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