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Frank C. Lee, Industry Canada
Keith Newton, School of Public Administration, Carleton University

Abstract

In the knowledge-based economy, innovation is the key driver of success. SMEs, with their dynamism, adaptability and flexibility, constitute a central component of the innovative economy. This paper attempts to shed light on the role of SMEs in today’s knowledge-based economy by reviewing a number of empirical papers associated with innovation and firm size. The paper addresses sources of innovation as well as the impediments faced by SMEs. Lastly, the paper raises some policy challenges facing SMEs in the new economy.

 Innovation of SMEs in the Knowledge-Based Economy