An Overview on the Crucial Nature of Innovation Strategies for Sustainable Businesses
Keywords:Business strategy, competitive advantage, digital technologies, innovation strategy, micro, small, medium enterprises, open innovation, small and medium enterprises, sustainable business
Purpose: The aim of the present article is to provide an overview of the importance of innovation strategies followed by organizations in the innovation of products/services to gain competitive advantage and sustain in the market. The present study provides a holistic view about the importance of innovation strategies, challenges faced in the implementation of these strategies, and the measures to be taken to overcome the issues. Methodology: The current exploratory style review article details about the concepts under study, critically analyzes the studies conducted earlier, and arrives at a conclusion with recommendations for future empirical studies. Findings: The present study reviewed different types of innovation and innovation strategies followed by the firms in sustaining their businesses. The study reviewed extent literature and presented the challenges in implementing the innovation. These findings are crucial for entrepreneurs, especially small and medium enterprises, in the aftermath of COVID-19 since these business owners find it challenging to implement innovation due to multiple factors. Implications: Through the outcomes of this review, knowledgeable insights about innovation and its types can be gained while it is of immense importance for the business firms to strategize their concept-to-product/service to achieve and sustain success. Originality: The review work is a first-of-its-kind attempt to review and analyze the types of innovation, challenges associated, and the measures to mitigate risks involved.
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