Future Direction of SMEs Support Policies: Application of Futures Wheel Method

Abstract

SMEs play an important role in national and regional economic systems. However, as the potential vulnerability of SMEs has emerged as a major policy concern due to COVID-19, government support policy is being emphasized. Despite the importance of SME support policies, there is only a few research study on factors affecting the revitalization of SMEs. In addition, it is time to establish the future orientation of support policies that can respond to new environmental changes, such as the Fourth Industrial Revolution and post-COVID-19. This study examined the relationship between SME support policies and future directions. Factors of the effectiveness of SME support policies were provided by analyzing the contents of academic papers (research trends) and news articles (social trends). And for stratification and categorization of factors, the Futures Wheel methodology was applied.
 Factors were classified into three categories: institutional, policy, and behavioral and cultural factors. In addition, future SME support policies should be moving toward survival and coexistence, digital economy transformation, management innovation, regulatory reform, innovative growth, management stabilization, ecosystem creation, and competitiveness improvement.