The Interaction of Innovation Networks, Frugal Innovations, And Organizational Readiness In The Circular Economy
There are new chances for every sort of company because of technological advances. In today's technologically advanced world, innovation is critical to the success of commercial landscape operations. As a result, this study examined an IN's impact on organizations' innovativeness (OI). Frugal innovation (FI) and organizational preparedness have also been investigated as mediating factors in the relationship between FI and OR. Cross-sectional data collection from small and medium-sized enterprises (SMEs) was used in this research. A total of 442 business owners and managers correctly answered the survey's questions, which were then analyzed. The present study's hypotheses were tested using SEM. An organization's innovativeness is boosted via an innovation network. Results also show that frugal innovation acts as a mediator between networks of creative individuals and the ability of organizations to innovate. Circular economy, small businesses rely heavily on their creative efforts. The sustainability of small and medium-sized businesses (SMEs) in today's dynamic market depends on their ability to maintain a high level of organizational innovation in their offerings.