Abstract
The economic growth of Indian MSMEs is catalysing them into a growing power centre at both local and global market levels. This makes it imperative for them to adopt innovation at all levels. Innovation and entrepreneurship acts as a two sides of a same coin, but differs across the firms only in terms of its scope and magnitude. Today’s Indian MSMEs are facing several challenges both internally and externally as a result of dynamic changes happening across the country and also in the rest of the world. To get through such market upheavals, MSMEs need to adopt several strategic initiatives and innovation may be one among them. With the present scenario of liberalization , privatisation and globalisation, it calls for the Indian MSMEs to adopt the culture of innovation at all levels of its operation.
The key takeaways for the reader from this chapter are listed below:
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Innovation in MSMEs: Theory and Trends
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Need for innovation for Indian MSMEs
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India’s stand in Global Innovation Index
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Objectives of carrying out innovation by Indian MSMEs
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Srinivasan, R., Lohith, C.P. (2017). MSMEs-Innovation. In: Strategic Marketing and Innovation for Indian MSMEs. India Studies in Business and Economics. Springer, Singapore. https://doi.org/10.1007/978-981-10-3590-6_2
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DOI: https://doi.org/10.1007/978-981-10-3590-6_2
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