INNOVATIVE DEVELOPMENT OF SMALL AND MEDIUM-SIZED ENTERPRISES

Abstract

The article determines that the innovative development of small and medium-sized enterprises requires a comprehensive approach, which includes both financial and technical support, training, as well as favorable regulatory conditions. Promoting innovation can significantly increase the competitiveness of small and medium-sized enterprises at the national and international levels.

The study considered that the innovative development of small and medium-sized enterprises is an important component of economic growth and competitiveness. Here are some key aspects and strategies that can contribute to the innovative development of small and medium-sized enterprises: access to financing (grants and subsidies; venture capital; crowdfunding – collection of funds from a large number of people through specialized platforms); technological innovations; professional development and training (educational programs, trainings, seminars, conferences); digitization; international cooperation (export programs and partnerships with foreign companies); regulatory support (preferential taxation and simplification of administrative procedures); social innovations (environmentally clean technologies and socially responsible entrepreneurship).

Innovative development is a key factor influencing the success and long-term viability of a business. Innovation is vital to any business because it enables adaptation to change, increases efficiency, creates new opportunities for growth and helps companies stay competitive in the marketplace. Investing in innovation is an investment in the future that allows businesses not only to survive, but also to thrive in today's economy.

Innovative development in modern conditions acquires special importance due to rapid changes in technologies, economic conditions and society.

In today's environment, innovative development is a necessity for businesses that strive to remain competitive and adaptive. Digital technologies, globalization, sustainable development and customer orientation create new opportunities and challenges. Companies that actively invest in innovation and maintain a culture of innovation are more likely to succeed in a rapidly changing world.