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SPIN OFF: AN INNOVATIVE MANAGEMENT SHIELD FOR SMES AGAINST TO FINANCIAL CRISIS
Abstract
The aim of this paper is to present a realistic solution for the Small and Medium Enterprises (SMEs) despite the financial crisis via innovative management. It is believed that the first victims of the debt and financial crisis are the SMEs and for this reason we present the creation of a dynamic shield via spin off and university research. A literature review took place to investigate the issue and to prove that the change of the usual into innovative management in Small and Medium Enterprises gives direct solutions with smaller investment cost. On the other hand, the author claims that the university research in combination with the creation of spin off companies could give valuable solutions to the SMEs for their survival in difficult financial periods. An in depth research took place based in questionnaire data on 256 companies. The combination of econometric and statistical analysis gave reliable results. The finding confirmed the research hypothesis and the target of this study, giving innovative proposals on how the SMEs can be developed via collaboration with universities and spin off companies, especially in smaller countries in which the SMEs are the spine of their economy.
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