SINGAPORE: A study has found that most small- and medium-sized enterprises (SMEs) here do not effectively innovate to create value for themselves and their stakeholders.
A survey by branding consultant StrategiCom showed that only 21 per cent of SMEs successfully apply innovation management tools. This is despite 91 per cent of the SMEs having an understanding of the concept of innovation.
Other findings from the study is that 59 per cent of the respondent perceive innovation as something new and different, which need not arise from a breakthrough invention.
Thirty-one per cent of the SMEs also associate innovation with "constant change and improvement" while another 31 per cent state that innovation "must bring value add to the customer".
A total of 100 SME leaders from a diverse range of industries in Singapore were interviewed for the study.
The aim of the study is to explore how leaders of SMEs here perceive innovation, and to check the extent of innovation management and successes.
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