Innovation Speed in Small and Medium‐Sized Enterprises

Abstract

In this era of fast‐paced technological change companies are frequently forced to quickly bring innovative products to a competitive marketplace. Small and medium‐sized enterprises (SMEs) play a key role in innovative contribution and growth of the global economy, yet face unique challenges with regard to new product development. To date scholars disagree on the effect of firm size on the antecedents and outcomes for innovation speed. We review the relevant literature, develop a conceptual model of innovation speed for SMEs and test it with 158 projects across several technology‐related industries. Results revealed that SMEs had different speed antecedents from large firms, had their antecedents vary by radicalness and found speed to be synergistic with efficiency, quality and project success. Implications for managers and scholars are discussed.