10 factors on fostering innovation in small and medium-sized organisations

This paper shows that volatility and chaos in this age of globalisation have reduced a number of competitive advantages that firms may have previously enjoyed. To maintain an edge over competitors, the metaphor of `grease´ or innovation is recommended as a long-term solution that helps to (1) stretch the existing resources, as well as (2) redefining relationships amongst stakeholders. In this paper, ten factors that contribute to the make-up of innovation are introduced and discussed. They are: (i) enabling mindset; (ii) culture and vision; (iii) government; (iv) organisation´s structure; (v) maintaining market orientation; (vi) education; (vii) research and development; (viii) interactive learning; (ix) sub-groups; and (x) technology