Abstract
The primary objective of this paper is to propose a theoretical growth stage Model (GSM) that can mitigate the challenges faced by small and medium-sized enterprises (SMEs) and enhance their sustainability and scalability. Through the implementation of proposed SME Lifecycle Integrated Innovation Model (SLIIM), SME growth can be accelerated by integrating Industry 4.0 tools into the product development cycle. SLIIM aims to support and enhance innovation processes within SMEs in India by continuously innovating the product based on market requirements. However, it is important to note that SLIIM alone does not guarantee success in the innovation development process (IDP). Instead, it servesas an enabling factor and supports product improvisation towards achieving product maturity and SME growth. This research study will serve as a fundamental pillar for the innovation development process in SMEs. The alignment of innovative tools such as Industry 4.0 with the product life cycle will provide SMEs with dynamic capabilities within their organizations. By leveraging these capabilities, SMEs can adapt to changing market demands, drive innovation, and achieve sustainable growth.
Keywords: Small and mediumsized enterprises, Industry 4.0 challenges, Innovation model, Growth stage Model.
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