Key Innovation Needs for Small and Medium Businesses: Considerations for an Innovation-as-a-Service Startup

Abstract

The increasing need for innovation among small and medium-sized enterprises (SMEs) inAustria serves as the foundation of this thesis, which aims to develop a comprehensivebusiness plan for an "Innovation-as-a-Service" (IaaS) startup. This research explores Austria’sinnovation landscape in detail, identifying key performance indicators and addressing theunique challenges faced by SMEs in fostering sustainable growth through innovation.Recognizing that many SMEs struggle with limited resources and lack structured processesfor innovation, the thesis highlights the importance of a systematic approach to creativity andimplementation.By applying well-established frameworks such as the innovation funnel and ideationmethodologies, the thesis presents a tailored blueprint designed to guide SMEs in overcomingbarriers to innovation. It emphasizes the practical application of these models to helpbusinesses not only generate new ideas but also effectively implement and scale them. Thethesis further explores the role of digitalization and the integration of innovation-drivenenterprise entrepreneurship, which are essential for SMEs to stay competitive in both local andglobal markets.Through a focus on real-world business challenges, this research bridges the gap betweentheoretical knowledge and practical applications. It provides SMEs with actionable strategiesto enhance their innovation capabilities, positioning them to compete globally, sustain longtermgrowth, and continually refine their innovation processes. By offering a structuredapproach to navigating the complexities of innovation, this thesis contributes to theadvancement of innovation practices in Austrian SMEs, ensuring their future viability andsuccess.