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Transforming SMEs in Creative Sectors through Business Model Innovation

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Innovative business models to boost competitiveness of creative sectors

With today's economic uncertainty and global competition, European small and medium-sized enterprises (SMEs) in the creative sectors must rethink established business processes and embrace new models to remain competitive. An EU initiative is introducing new ways of thinking and doing business.

Climate Change and Environment

As creative industries in Europe – mostly composed of SMEs – undergo considerable change, their business models are ageing faster than ever before. To compete effectively, these SMEs must adopt innovative processes and rationale in creating and delivering value. With this in mind, the EU-funded REINVENT (Transforming SMEs in creative sectors through business model innovation) project set out to develop, implement and assess tools for business model innovation. Overall, the aim is to demonstrate how this strategy is particularly relevant for European SMEs in the creative sectors and how it can be used to boost competitiveness. To achieve this, project partners are carrying out empirical research at three participating SMEs in Denmark, Iceland and Poland. They are evaluating and validating business model innovation as a tool for competitiveness. A detailed impact and dissemination strategy has been formulated to achieve a wide reach and impact among SMEs and other stakeholders and to advance knowledge in the business model innovation domain. It includes dissemination and networking activities intended for the general public, policymakers, academia and industry, particularly SMEs. The team is also developing recommendations that highlight approaches, methods and tools for European SMEs to create competitive strategies. REINVENT is proposing business model innovation as a means to break down the barriers that exist for SMEs. It is also showing them how to put it in practice to transform business practices, create new markets and unlock growth.

Keywords

Business models, competitiveness, creative sectors, SMEs, business model innovation

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