The recent economic crisis has confronted companies across Europe with major challenges. Small and medium sized companies in particular seemed to have a customer base too reduced to maintain their business. In such a situation there are two options: invest in developing new customers or invest in developing new, more attractive, offerings.
Innovation is always a result of taking risk and mastering these risks successfully. However, in the past few years the risks resulting from the overall economic situation seems to have increased for small and medium sized enterprises (SMEs). As they cannot control these external risks many of them seem to stay away from too risky innovation projects. This has implications for the SMEs and for those who provide innovation support for SMEs?