Question

Advantages of the small firm in the innovation process

Answer 1

Smaller firms can react more quickly to input from customers or challenges from competitors, and evolve their busi- ness models more rapidly. In many cases they can learn faster than larger firms and they are faster in decision-making so they potentially have a competitive advantage in fast changing markets.

Answer 2

Advantages of innovation in business

increased competitiveness. improved brand recognition and value. new partnerships and relationships. increased turnover and improved profitability.

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