In an open economy, the survival and growth depends upon the competence of creating and sustaining the competitive advantage. Competition is a compelling force for development as it motivates firms to reduce inefficiencies, restructure outdated operations, and introduce new product lines and new technologies. Sustainable competitive advantage allows the maintenance and improvement of the enterprise's competitive position in the market, which can be achieved by continuously developing existing and creating new resources and capabilities in response to rapidly changing market conditions in the global scenario. Setting an atmosphere in which innovation is encouraged is often highly correlated with the long-term entrepreneurship development in a globalised era. Innovation culture comprises all those set of circumstances and conditions which encourage and support innovation as well as creativity. Innovation culture has to deal with the more and more global shape of the environment, the need for fast life cycle innovations, and the interdependence of research and business institutions. The present paper is an endeavor to highlight the various strategies and challenges relating to the innovation culture for sustaining competitive advantage in the era of global competition as well as exploring the further area of research in this context.
Competition, Competitive advantage, Globalisation, Innovation culture, Issues of Future Research
