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The purpose of this paper is to explain to managers of small and medium enterprises (SMEs) and other professionals why they need to connect innovation and value creation in their decision-making processes when dealing with new or existing products.

Innovation and value creation are interconnected and you cannot have one without the other. However, to appreciate that interconnection, one needs to understand the form that value can take in products, the tangible form and the intangible. This understanding helps explain how culture and esteem affect product value, as well as how innovation happens in the technological field and in the cultural field.

Value and innovation are intrinsically connected and this should not be overlooked in any quest for new solutions. SMEs should pay more attention when developing innovation activities to ensure that they have the most suitable organizational structures and resources.

This paper clearly demonstrates the relationship between innovation and value creation.