The impacts of innovation on growth among SMEs

Ahmad Tarmizi, Siti Nur Lidiya (2025) The impacts of innovation on growth among SMEs. Project Report. Universiti Teknikal Malaysia Melaka, Melaka, Malaysia. (Submitted)

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Abstract

The rapid evolution of technology and market dynamics necessitates that small and medium-sized enterprises (SMEs) continuously innovate to sustain competitive advantage and achieve growth. This study explores the multifaceted impacts of innovation on the growth trajectories of SMEs, focusing on various dimensions such as technology advancement, collaboration, access to capital, and customer feedback. Using a methods approach, the research uses quantitative analysis of growth metrics insights from SME leaders through surveys via Google Forms. The findings indicate that innovation significantly enhances growth prospects by increasing market share, improving operational efficiency, and fostering a culture of continuous improvement. However, the study also identifies key challenges SMEs face, including limited financial resources, resistance to change, and the need for skilled personnel. By highlighting the critical success factors and potential obstacles, this research provides practical recommendations for SMEs aiming to leverage innovation for sustainable growth. The insights gained underscore the importance of fostering an innovation-friendly ecosystem to support the long-term development of SMEs.

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