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Sustainability of SMEs in the Competition: A Systemic Review on Technological Challenges and SME Performance

1
Department of Social Sciences, Rajarata University of Sri Lanka, Mihintale 50300, Sri Lanka
2
Department of Environmental Management, Rajarata University of Sri Lanka, Mihintale 50300, Sri Lanka
*
Author to whom correspondence should be addressed.
J. Open Innov. Technol. Mark. Complex. 2019, 5(4), 100; https://0-doi-org.brum.beds.ac.uk/10.3390/joitmc5040100
Received: 29 October 2019 / Revised: 5 December 2019 / Accepted: 6 December 2019 / Published: 12 December 2019
In the era of economic globalization, small and medium enterprises (SMEs) are recognized as an engine of sustainable economic development in both the developed and developing world. In literature, three competitive challenges—the sustainability challenge, the global challenge and the technological challenge—faced by industrial entities in the current globalized economy, are categorized. Of them, this paper undertakes a systemic review of the literature covering the theme of SMEs and technology in order to identify how technological progress in the SMEs, correlates with SMEs survival improvement in the global competition. The review identified six driving forces—social capital, link with Multi-National Corporations (MNCs) and Transnational Corporations (TNCs), innovation, sharing and networking, information technology, and adoption of productivity-enhancing technology—influencing technological upgrade in the SMEs. The review also identified two conditions for successful technological adaptation in the SME sector—availability of technologically skillful workforce in the economy, and identification of opportunities of new technologies in the competition. These conditions could be viewed in the macro environment and emphasize the need for the economies’ readiness towards SMEs’ success. View Full-Text
Keywords: competitive challenges; economic globalization; SMEs; SME performance; Sri Lanka; technological challenge competitive challenges; economic globalization; SMEs; SME performance; Sri Lanka; technological challenge
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MDPI and ACS Style

Prasanna, R.; Jayasundara, J.; Naradda Gamage, S.K.; Ekanayake, E.; Rajapakshe, P.; Abeyrathne, G. Sustainability of SMEs in the Competition: A Systemic Review on Technological Challenges and SME Performance. J. Open Innov. Technol. Mark. Complex. 2019, 5, 100. https://0-doi-org.brum.beds.ac.uk/10.3390/joitmc5040100

AMA Style

Prasanna R, Jayasundara J, Naradda Gamage SK, Ekanayake E, Rajapakshe P, Abeyrathne G. Sustainability of SMEs in the Competition: A Systemic Review on Technological Challenges and SME Performance. Journal of Open Innovation: Technology, Market, and Complexity. 2019; 5(4):100. https://0-doi-org.brum.beds.ac.uk/10.3390/joitmc5040100

Chicago/Turabian Style

Prasanna, RPIR, JMSB Jayasundara, Sisira K. Naradda Gamage, EMS Ekanayake, PSK Rajapakshe, and GAKNJ Abeyrathne. 2019. "Sustainability of SMEs in the Competition: A Systemic Review on Technological Challenges and SME Performance" Journal of Open Innovation: Technology, Market, and Complexity 5, no. 4: 100. https://0-doi-org.brum.beds.ac.uk/10.3390/joitmc5040100

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