UNLEASHING THE POWER OF INNOVATION: THE TRANSFORMATIVE ROLE OF SMES

Abstract

This article explores the significant efforts made by the European Union (EU) to support small and medium-sized enterprises (SMEs) through a range of initiatives, policies, and programs, such as Horizon 2020 and COSME. These endeavors have provided dedicated funding and resources to facilitate research, development, and innovation within SMEs. Recognizing the significant role played by SMEs and innovation in driving economic growth, job creation, and competitiveness, the EU has prioritized targeted support and the establishment of an enabling business environment to unlock the full potential of SMEs as engines of innovation. Furthermore, the EU actively assesses SME innovation levels to identify areas of strength, weakness, and improvement. These concerted efforts demonstrate the EU's commitment to cultivating a culture of innovation and providing comprehensive support to SMEs in their entrepreneurial pursuits. Ultimately, these initiatives contribute to the overall innovation landscape in Europe, fostering sustainable growth and prosperity.