Innovation is widely recognized as a key factor in the economic development of nations.\r\nInnovation is also essential for the competitiveness of firms. Its importance is intensified by\r\nfactors like the increased global competition, the decreased product lifecycles and the rapidly\r\nchanging consumer demands. Large firms play a key role in innovation but this doesnââ?¬â?¢t mean\r\nthat there is no place for SMEs. In the last years the environment for innovation has changed.\r\nThe importance of SMEs to the innovation process has increased. The increasing incomes, the\r\nmore ââ?¬Å?nichedââ?¬Â market demand and the changing technologies have reduced the structural\r\ndisadvantages of SMEs firm size.\r\nIn this paper we examine the role of the Greek SMEs in innovation generation. Our analysis\r\nshows that small firms are the main owners of the granted patents in Greece. So, firms that\r\nemploy up to 50 employees account for 57.83% of our sample, while the share of large firms\r\n(more than 500 employees) is 6.02%. Most of these firms are engaged in the economic\r\nactivities of machine tools, metal and plastic products, chemical substances and wholesale. The\r\nGreek SMEs have a medium age and are characterized by different levels of exports, selling\r\ntheir products mainly to the countries of European Union, the Balkans and the Middle East. Our\r\nfindings confirm the importance of SMEs in Greece, as these firms are also the main producers\r\nof innovation. In addition our findings could be used in the development of public policy aimed\r\nat supporting and encouraging the innovation among SMEs in Greece.
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