Innovation and Sri Lankan Small and Medium Enterprises Sector: an Elucidation of Theory with Practice

摘要

This paper has made an endeavor to elucidate the concept of innovation with the sight of SMEs in Sri Lanka. It was considered both theoretical aspects of creativity, innovation and businesses practices in Sri Lankan SME sector. This paper argues that creativity and innovation is the base of successful entrepreneurship and also Sri Lankan SMEs are less developed aue to inadequate innovations. Based on the practical information and theoretical facts, Sri Lankan entrepreneurs bear the characteristics of Fabian and Drone entrepreneurs. It is also apparent that there are some barriers to innovation in Sri Lankan SME sector; some of them are in the external environment and some of them are within the organizational context as well.