Building strategic innovation model for small and medium enterprises of Malaysia: inclusion of a holistic philosophy Online publication date: Fri, 28-Jun-2024
by Ariful Islam; Sazali Abd Wahab; Ahmad Shaharudin Abdul Latiff; Adil Mansoor
International Journal of Business Innovation and Research (IJBIR), Vol. 34, No. 3, 2024
Abstract: For Malaysian SMEs, the rate of failure is alarming. Innovation can increase the competitiveness of SMEs, contributing to sustainable growth. The current frameworks of innovation no longer serve as an effective means of resolving and assessing the issues that today's business complexities entail. Thus, the study aims to configure a holistic strategic innovation paradigm that can act as a foundation for the sustainable competitive edge of SMEs. Here, a systematic analysis of literature has been executed to analyse the configuration triggered by Islamic philosophy, in which over 369 publications are read and reviewed. A qualitative part has been used to support the conceptualisation. The outcomes successfully established a paradigm-the HSI with the inclusion of Islamic wisdom. Here, the strategic convergence of critical and creative thinking directed exploitative-explorative innovation practices has the potential to support SMEs to survive in the long term.
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