Concepts And Importance of Strategic Innovation in SMEs: Evidence from Serbia

Authors

  • Radul Milutinović University of Belgrade, Faculty of Organizational Sciences
  • Biljana Stošić University of Belgrade, Faculty of Organizational Sciences
  • Marko Mihić University of Belgrade, Faculty of Organizational Sciences

Keywords:

Strategic Innovation, Competitive advantage, NIS, SMEs

Abstract

This paper aims to define a concept of strategic innovation given the impact it has on competitiveness, creation of growth strategies, new product categories and business models, as well as on changing the rules of the game on the existing market. In this sense, companies have to strategically redefine their business, to define new ways of competing in order to offer new value for consumers, stakeholders and companies themselves. If companies want to be successful they have to discover and exploit new strategic positions that emerge from time to time as industry evolves. Supporting this, the paper presents strategic elements of the National Innovation System (NIS), which can significantly contribute to Small and Medium-sized Enterprises (SMEs) to boost their business and to increase their competitiveness and innovativeness. Starting from the strategic positioning map, the paper gives some of the possible answers to the question of how SMEs in Serbia can improve their business, i.e., how the NIS can influence SMEs in terms of increasing business success.

Author Biographies

Radul Milutinović, University of Belgrade, Faculty of Organizational Sciences

Radul Milutinović is Teaching Assistant at the Innovation Management study course at the Faculty of Organizational Sciences, University of Belgrade, Serbia. He holds a BSc degree in the field of Management and a MSc degree in the areas of Project and Investment Management. At present, he is a PhD candidate. His primary areas of research are Innovation Management, Innovation Project Management and Intellectual Property. He has published numerous publications at national and international conferences and journals.

Biljana Stošić, University of Belgrade, Faculty of Organizational Sciences

Biljana Stošić is Professor of Innovation Management at the Faculty of Organizational Sciences, University of Belgrade, Serbia. She holds a BSc degree in the field of Information Systems and MSc and PhD degrees in the areas of Innovation and Technology Management. Her research interest is oriented towards Innovation Management, Project Management and Intellectual Property. She has authored and coauthored numerous publications at national and international conferences and journals. She is the author of Innovations in Technology - Theoretical Basis and Methods of Support; Innovation Management - Expert Systems, Models and Methods; Innovation Management - Innovation projects, Models and Methods.

Marko Mihić, University of Belgrade, Faculty of Organizational Sciences

Marko Mihić is an Assistant Professor at the Faculty of Organizational Sciences, Management Department. His research interest includes management, project management, strategic management and change management. He has published 7 monographs and over 120 peer-reviewed papers. As an expert consultant, he has worked extensively for the Serbian government institutions, as well as for several leading national and multinational companies and investors in Serbia.

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Published

2015-02-24

How to Cite

Milutinović, R., Stošić, B., & Mihić, M. (2015). Concepts And Importance of Strategic Innovation in SMEs: Evidence from Serbia. Management:Journal of Sustainable Business and Management Solutions in Emerging Economies, 20(77), 35–42. Retrieved from https://management.fon.bg.ac.rs/index.php/mng/article/view/56

Issue

Vol. 20 No. 77 (2015)

Section

Articles

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