AN INVESTIGATION OF THE TYPES OF INNOVATION ENTREPRENEURSHIP AND MANUFACTURING METHODS THAT ARE PREVALENT IN LOW-TECHNOLOGY INDUSTRIES

Abstract

This study intends to investigate the impact that collaboration with external organisations had on technological innovations, non-technological innovations, and economically viable innovations in standard manufacturing industries across seven sections of the European Union (EU). Businesses that fall within the small and medium-sized companies (SMEs) comprise this inquiry's sample. This was something that our empirical method takes into consideration, given that there was the potential for synergy between the four different types of innovation. According to the findings of empirical research, collaboration increases innovativeness and generates significant economic benefits for firms. To provide a more particular example, the number of cooperation partnerships grows, which results in an improvement in all metrics of innovation performance. The researcher believed that innovation assistance programs need to be driven by demand and that a portfolio approach to cooperation was the most effective way to increase innovation performance than any other method.