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Management of Innovation in Small and Medium Enterprises in India: Comparison of I.T. and Pharmaceutical Firms

It is a well-known fact that Small and medium enterprises (SMEs) play a prominent part in worldwide economy. In India, the contribution of SMEs is about 45 percent of the gross turnover in the manufacturing sector and 40 percent of total exports. These companies are also source of employment to many people and contribute maximum to country’s economy. Knowledge has been recognized as a major determinant of competitive edge. And it has replaced traditional factors with knowledge factors. The result show that innovation does have a positive impact on the size of enterprise, and also on their performance. The paper analyses case studies of some enterprises in information technology and pharmaceutical sector. I.T. firms tend to innovate more due to their impact on the other sectors. They are willing to take more risk with respect to investment and innovation. These further result in more entrepreneurial ventures. More competition in the past has pushed these enterprises into more innovative activities. These case studies look at the background information, management of innovation, factors that influence innovation, resources of innovation that affect implementation of innovative practices in SMEs. Some enterprises are start-ups which have been started by first time entrepreneurs but some are decade old companies which have grown with time. The factors that influence innovation are opportunities, new business proposition, high cost of existing product, aim to have more market share or to be the market leader or to provide affordable technical solution to everybody. The management of innovation differed in the two sample sectors owing to their different nature.