An Empirical Investigation of Innovative Management Practices of Small and Medium Scale Enterprises (SMEs)

Innovation is considered an essential activity for small and medium-scale enterprises (SMEs). The contribution of innovation in the Indian economy is very noticeable. India is continuously improving and has jumped to the 52nd position in the overall world ranking in 2019. The objectives of this study are to identify the factors of innovative management practices indulged in SMEs to achieve innovation and to propose a framework for measuring firm performance in the region of Chhattisgarh state in India. Data was gathered using a self-monitored questionnaire survey and an exploratory factor analysis (EFA) method using SPSS 20.0 software was applied to get the factors of innovative management practices. This study identified eight factors of innovative management practices involved in SMEs. Further, their reliability test and mean value analysis has been done. A conceptual framework of firm performance measurement is also presented at the end. Also, this study contributes a good amount of work in innovation management literature which will help scholars and academicians for future work.