Entrepreneurship Development | Journals

The IUP Journal of Entrepreneurship Development

Impact of Entrepreneurial Innovation on Firm Performance: An Empirical Investigation with Emphasis on Women Entrepreneurs

Article Details

Pub. Date	: Dec, 2023
Product Name	: The IUP Journal of Entrepreneurship Development
Product Type	: Article
Product Code	: IJED011223
Author Name	: Sania Sami and Roychowdhury S
Availability	: YES
Subject/Domain	: Management Journals
Download Format	: PDF Format
No. of Pages	: 21

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Abstract

Innovativeness has been recognized as a crucial driver for a firm's success and survival. Innovation creates and builds value for the organization. This study examines the effect of different factors of innovation on firm performance. Data was collected from 250 women entrepreneurs across West Bengal based on random sampling. Exploratory factor analysis, multiple regression, analysis of variance, and correlation statistical techniques were used to analyze the data. The findings reveal that there exists a positive and strong relationship between many factors of innovation and firm performance. It was also found that all the factors of innovation are major and crucial predictors of firm performance. The amount of investment and business type are the only two socioeconomic variables that contribute significantly to predicting business performance. Further, the study found that there exists a significant difference between process and market innovation across different business types. The findings also suggest that choosing relevant innovation type can optimize firm performance.

Introduction

In today's dynamic business landscape, innovation stands as a pivotal source of competitive advantage. It is widely acknowledged that innovation plays an indispensable role in corporate strategies, contributing to market expansion, brand development, sustainability, and attainment of competitive edge (Gunday et al., 2011). Notably, innovation has been a central focus of research over the past two decades. Maritz and Brown (2013) revealed that