The role of small innovative firms in the economic development of the country

Abstract

Innovation is critical for any business that wants to get ahead or even stay competitive. It is a misconception that innovation is only for large companies to research, develop and manage new products and services. Smaller firms are increasingly recognized as more innovative. In the article we discuss the factors that determine the innovativeness of small firms, compared to large organizations. The role of small innovative firms in the formation of a competitive economy is substantiated, the obstacles that are typical for small firms on the way to innovative development are analyzed, and recommendations are given that will support the innovative development of small firms.