Profiling Small and Medium Enterprises' Innovativeness During Periods of Economic Crisis

Abstract

The role of innovation as a vital driving force of entrepreneurship and economic development has been widely acknowledged. Especially in an era of economic turbulence, innovation can be seen as the only realistic strategy that can lead enterprises out of the crisis. Based on the innovation taxonomies identified in the Oslo Manual, namely organizational, marketing, process, and product innovation, a survey was carried out in a Greek region adapting the fourth Community Innovation Survey questionnaire in 43 SMEs, capturing the effects of economic recession on the firms' innovativeness, and drawing a profile of the entrepreneurship innovation in the region of Western Macedonia, Greece. By applying a strategic group's approach, the authors come up with some interesting findings concerning the type of SME innovativeness and results of innovation during a period of financial crisis.