Business Process Innovation of Serbian Entrepreneurial Firms

Paunović, Mihailo and Lazarević-Moravčević, Marija and Mosurović Ružičić, Marija (2022) Business Process Innovation of Serbian Entrepreneurial Firms. Economic Analysis, 55 (2). pp. 66-78. ISSN 2560-3949

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Abstract

Innovations are vital for improving living standards and can affect not only individuals but also institutions, economic sectors, and the whole country in many ways. This paper investigates the innovation performances of Serbian entrepreneurial firms. It focuses on business process innovations related to product and business process development. The sample consists of Serbian start-ups, which were founded in 2015, from five industries. The data about these entrepreneurial firms were collected via a questionnaire. The respondents assessed various statements about product and business process development innovations on a five-point Likert scale (1-strongly disagree; 5-strongly agree). The statements were derived from several indicators within the Balanced Scorecard’s process perspective. They were modified to fit the new definition of business process innovation provided by the OECD/Eurostat (2018) and according to the context of Serbian entrepreneurial firms. The statistical analysis involved descriptive statistics, frequencies, reliability analysis, and One-way ANOVA. The results indicate that most of the entrepreneurial firms introduced innovations that enabled them to operate more efficiently, improve their processes, establish certain routines, respond to customer complaints faster than their competitors, and develop a product or a service more quickly than their competitors. No statistically significant differences were found regarding introducing business process innovations among entrepreneurial firms from different industries. This paper can help policymakers assess the contribution of innovation to economic goals and monitor and evaluate the effectiveness of their innovation policies.

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