Innovation in food SMEs

The major hinderances for SMEs to innovate include lack of resources and/or allocation of said resources due to – SMEs’ small size and limited access to finance for venture capital. However, we found relatively low level of engagement in partnering or strategic alliances to for SMEs overcome the hurdles to innovate… 

Key Takeaways:

  • Food sector in Europe:Largest manufacturing sector within the EU
  • Innovation and food:Orientated towards encouraging new ideas and fostering innovative employees
  • Even though the rate of incremental innovation is much higher than that with radical innovations, food SMEs in Europe also do undertake radical innovations
  • Product, process and packaging innovations:Include packaging innovation, as packaging plays a significant role in consumer behaviour
  • Although European food SMEs have a high level of engagement with position innovation, they have a relatively low level of commitment to investing significant resources in marketing
  • Relatively low level of engagement in partnering or strategic alliances with potential for significant improvement resulting in measurable knock-on benefits for companies
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