Innovators 5 forces approach to increase the strategic accuracy of technological SME-Innovations

Abstract

We live in times of rapid technological advancements across industries facilitated by innovative trends such as the digitalization of supply chains, massive data analytics and the concurrent development of products with increasing technical complexity and functionality. The need for firms to advance research and development (R&D) processes proves to be a challenge particularly for highly specialized small and medium-sized enterprises. Innovator_Institut developed a practical approach, based on the traditional 5-Forces Model by Michael E. Porter. This approach aims to increase the strategic accuracy of technological SME innovations by considering the effect of innovations on industry structure.