Inovativnost kao faktor razvoja malih i srednjih preduzeća u Bosni i Hercegovini
Innovation as development factor in small and medium enterprises in Bosnia and Herzegovina

Summary/Abstract: The phenomenon of small and medium enterprises has a long and varied history of existence and development in modern capitalist countries. In our country, the sudden development of small and medium enterprises is linked to the rapid development of private property, which resulted in numerous attempts to initiate the establishment and formation of new small and medium enterprises.The importance of small and medium enterprises (hereinafter SMEs) is reflected in the role that these enterprises have to increase employment, diversification of economic structure, the innovative activities and technical progress, the realization of broader social goals. In a world of constant economic and financial changes accompanied by constant financial innovation in the global financial crisis, as a condition of growth and development primarily for survival of SMEs there is a need to introduce innovations.Innovation is any system of organized and purposeful activities aimed at making a change (new products, production processes, organizational structure, management style, etc..). In this paper we pay special attention to the role of innovation in growth and development of SMEs. Section shall effect the basic theoretical views on the role of innovation in growth and development of SMEs, as well as the analysis of basic parameters of growth and development of SMEs. In this paper, we perform a mathematical analysis evaluating the effects of introducing innovation in SME growth and development of SMEs. The aim of this study was to quantify the value impact of the introduction of innovation in growth and development of SMEs. Aim is also to be based on the practical interpretation of the evaluation of innovating SMEs and analysis of good practices abroad, to elaborate the possibilities for improving the effects of introducing innovation in SMEs. The paper used the scientific method of deduction, analysis and comparative analysis of best practices. Interpretation of results should serve as a basis for professional and scientific discussion on the role of innovation in growth and development of SMEs in Bosnia and Herzegovina.

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