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An Innovative Business Model Framework for SMEs: Incorporating Technology, Financial Strategies, and Market Adaptation
Subject area: Science,Engineering and Technology · Area of research: Business Model Framework for SMEs
Abstract
Small and Medium Enterprises (SMEs) play a crucial role in global economic development, yet they often face challenges related to financial constraints, technological adoption, and market volatility. This paper presents an innovative business model framework tailored for SMEs, integrating cutting-edge technology, robust financial strategies, and adaptive market approaches to enhance competitiveness and sustainability. The framework emphasizes the incorporation of digital transformation, such as blockchain, artificial intelligence, and data analytics, to streamline operations and improve decision-making. Additionally, it explores financial strategies including crowdfunding, decentralized finance (DeFi), and innovative credit access solutions that empower SMEs to secure sustainable funding. Market adaptation is addressed through agile business strategies, consumer behavior analytics, and dynamic pricing mechanisms that enable SMEs to navigate rapidly changing economic landscapes. By synthesizing these three core pillars?technology, finance, and market adaptation?this model provides SMEs with a structured approach to achieving long-term growth and resilience. The proposed framework offers a practical roadmap for entrepreneurs, policymakers, and business leaders seeking to harness innovation for SME sustainability in an increasingly digital and competitive environment.
Keywords
Business Model Innovation, Digital Transformation, Financial Strategies, Market Adaptation, Blockchain, Artificial Intelligence.
How to cite this paper
@article{1706601,
author = {Ngozi Joan Isibor, Ngodoo Joy Sam-Bulya, Augustine Ifeanyi Ibeh, Godwin Ozoemenam Achumie, Ejuma Martha Adaga; Chikezie Paul-Mikki Ewim},
title = {An Innovative Business Model Framework for SMEs: Incorporating Technology, Financial Strategies, and Market Adaptation},
journal = {Iconic Research And Engineering Journals},
year = {2024},
volume = {8},
number = {5},
pages = {1282-1292},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1706601.pdf},
abstract = {Small and Medium Enterprises (SMEs) play a crucial role in global economic development, yet they often face challenges related to financial constraints, technological adoption, and market volatility. This paper presents an innovative business model framework tailored for SMEs, integrating cutting-edge technology, robust financial strategies, and adaptive market approaches to enhance competitiveness and sustainability. The framework emphasizes the incorporation of digital transformation, such as blockchain, artificial intelligence, and data analytics, to streamline operations and improve decision-making. Additionally, it explores financial strategies including crowdfunding, decentralized finance (DeFi), and innovative credit access solutions that empower SMEs to secure sustainable funding. Market adaptation is addressed through agile business strategies, consumer behavior analytics, and dynamic pricing mechanisms that enable SMEs to navigate rapidly changing economic landscapes. By synthesizing these three core pillars?technology, finance, and market adaptation?this model provides SMEs with a structured approach to achieving long-term growth and resilience. The proposed framework offers a practical roadmap for entrepreneurs, policymakers, and business leaders seeking to harness innovation for SME sustainability in an increasingly digital and competitive environment.},
keywords = {Business Model Innovation, Digital Transformation, Financial Strategies, Market Adaptation, Blockchain, Artificial Intelligence.},
month = {November},
}