Small and medium enterprises (SMEs) have been considered one of the ‘driving forces’
of modern economies due to their multifaceted contributions in terms of technological
innovations, employment generation, export promotion, etc. Of these, the ability of SMEs
to innovate assumes significance because innovation lends competitive edge to firms,
industries and ultimately, economies. Therefore, technological innovation has the
potential to spur growth of individual enterprises at the micro level and aggregate
industries and economies at the macro level.