The role of innovative entrepreneurship and emerging technologies in South Africa's Small, Medium and Micro Enterprises

Elvis Madondo, Eunice Akindeji and Sijuwade Ogunsola
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Elvis Madondo: University of Johannesburg

International Journal of Research in Business and Social Science (2147-4478), 2024, vol. 13, issue 7, 585-592

Abstract: Small, Medium and Micro Enterprises (SMMEs) are crucial to South Africa's economy, significantly contributing to job creation and innovation. However, they face challenges such as limited access to finance, skills shortages, and difficulties in adopting emerging technologies, which hinder their growth and sustainability. This study aims to explore the role of innovative entrepreneurship and technology in enhancing SMME performance. Through a systematic literature review and thematic analysis, the research identifies twelve key themes that underscore how innovative entrepreneurship can drive adaptability, improve operational efficiency, and facilitate market access. Findings indicate that innovative business models and practices are essential for SMMEs to overcome financial and operational barriers, enabling them to respond effectively to market demands. The study recommends that the South African government and private sector collaborate to enhance financial accessibility, develop targeted training programmes, and improve infrastructure. By fostering a supportive environment for innovative entrepreneurship, SMMEs can leverage emerging technologies more effectively, ultimately driving economic growth and social development in the country. Key Words:Innovative entrepreneurship; Emerging technologies; Small, Medium and Micro Enterprises (SMMEs); South Africa; Operational efficiency; Economic growth

Date: 2024
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