Innovative small and medium-sized enterprises in the knowledge-based economy

The contribution of innovative high-tech and knowledge-based SMEs to economic growth, employment and competitiveness is significant in developed countries. Innovation-oriented SMEs occur as a unique source of diversification, flexibility and long-term improvement of innovative system performances. They play a key role in discovering and developing new markets and expanding their supply in existing markets. These enterprises test, explore and push the boundaries of production and consumption, search for new ways to meet consumers' needs, and are a driving force of total economic growth and crucial factor in creating new employment. The role of technology-oriented SMEs in the economic development and in creation of employment largely depends on the existence of a favorable business environment, entrepreneurial culture, supporting activities and technical infrastructure, as well as the availability and accessibility of key resources (skilled labor, funding opportunities, etc.).