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Small and medium sized enterprises (SME) can be as innovative as larger businesses.For example, collaboration and benchmarking with larger businesses can help SMEs identify production gaps.Shake Shack Restaurant is one example of how small businesses can innovate and expand locally and globally.Then as it continued gaining popularity, Shake Shack was awarded a permanent contract to open in the park and expand further.Governments can boost innovation in those SMEs to reach the production level required.This can be done by building an innovation system within those businesses.
Small and medium sized enterprises (SME) can be as innovative as larger businesses. Governments can boost innovation in those SMEs to reach the production level required. This can be done by building an innovation system within those businesses. For example, collaboration and benchmarking with larger businesses can help SMEs identify production gaps. Another way to innovate is through applying new technologies and scientific research which will help them stay in demand and scale up very quickly. Developing the necessary skills of the leaders and staff of those businesses will also support innovation and growth. Shake Shack Restaurant is one example of how small businesses can innovate and expand locally and globally. It was born as a hot dog cart in Madison Square Park in New York where it was a success and people queued daily to buy its products. It did not take Shake Shack long to add two more carts in the park. Then as it continued gaining popularity, Shake Shack was awarded a permanent contract to open in the park and expand further. Now Shake Shack has over 275 branches around the world
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