Business Strategies of SME’s, Innovation Types and Factors Influencing their Innovation: Albanian Case

Abstract

The business environment is becoming increasingly dynamic, complex and unpredictable where technology, globalization and changing competitive approaches impact on overall performance. As a result of this reality, the future of many businesses depends upon their ability to innovate. Innovation is crucial in the current business scenario. From this point of view, the research aims to investigate the characteristics of SMEs concerning their innovation and whether they have developed effective strategies. Moreover, it aims to ascertain which strategies, innovation barriers and types they employ. The data used in this study were mostly retrieved from Albanian Institute of Statistics (INSTAT). The data were also collected through a survey that tests strategies, innovation types and factors influencing innovation for SMEs in Albania. The collected data were analyzed using Statistical Package for the Social Science (SPSS). The results of the study showed that there are some relations between some characteristics of SMEs and strategies, innovation types and barriers.