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Innovation Performances of Entrepreneurial Firms in Serbia †

Innovation Economics Department, Institute of Economic Sciences, 11000 Belgrade, Serbia
Author to whom correspondence should be addressed.
Presented at the Digital Transformation in Business: Challenges and New Opportunities, West Mishref, Kuwait, 17 November 2022.
Proceedings 2023, 85(1), 30;
Published: 23 March 2023

1. Objectives

This paper explores what innovative Serbian entrepreneurial firms are and what types of business process innovations they have introduced. It also investigates the relationship between introducing innovations on one side and customer and employee satisfaction on the other.

2. Methodology

An online survey was used as the primary source of collecting data. On a 5-point Likert scale, the owners of the companies evaluated different statements about introducing and subsequent use of innovations related to various business processes. On the same scale, they also compared employee and customer satisfaction with that of their most important competitors. The statistical analysis involved descriptive statistics, frequencies, reliability, and correlation analysis.

3. Results

The results indicate that most entrepreneurial firms introduced many business process innovations related to product and business process development. Those innovations allow for more efficient operations and improvements in various processes. They enable establishing routines and responding to customer complaints faster than the competition. The results also suggest a positive association between introducing business process innovations on one side and customer and employee satisfaction on the other.

4. Implications

The findings of this paper can help policymakers create instruments for supporting entrepreneurial firms in Serbia and assess the contribution of innovation to economic goals. They indicate what kind of support is required to strengthen small firms’ innovation capacity.

5. Originality Value

As far as the authors are aware, such research has not been previously conducted in Serbia. Nonetheless, the results are comparable with those of similar studies that are conducted in other countries. Moreover, the results of this study could be applied to other Western Balkans countries with similar characteristics of national innovation systems.

6. Contribution

This research adds important new insights into the innovative activity of Serbian entrepreneurial firms, and it shows their success in introducing innovations related to various business processes. Moreover, the findings indicate a clear connection between business process innovations on one side and employee and customer satisfaction on the other.

Author Contributions

Objectives, M.P. and M.L.-M.; Methodology, M.P. and M.L.-M.; Results, M.P. and M.L.-M.; Implications, M.P. and M.L.-M.; Originality Value, M.P. and M.L.-M.; Contribution, M.P. and M.L.-M. All authors have read and agreed to the published version of the manuscript.


This work was supported by the Ministry of Science, Technological Development and Innovation of the Republic of Serbia.

Institutional Review Board Statement

Not applicable.

Informed Consent Statement

Informed consent was obtained from all subjects involved in the study.

Data Availability Statement

The data that support the findings of this study are available from the corresponding author, [M.P.], upon reasonable request.

Conflicts of Interest

The authors declare no conflict of interest.
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Share and Cite

MDPI and ACS Style

Paunović, M.; Lazarević-Moravčević, M. Innovation Performances of Entrepreneurial Firms in Serbia. Proceedings 2023, 85, 30.

AMA Style

Paunović M, Lazarević-Moravčević M. Innovation Performances of Entrepreneurial Firms in Serbia. Proceedings. 2023; 85(1):30.

Chicago/Turabian Style

Paunović, Mihailo, and Marija Lazarević-Moravčević. 2023. "Innovation Performances of Entrepreneurial Firms in Serbia" Proceedings 85, no. 1: 30.

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