Innovation and Creativity in Business Administration in Panama

Abstract

Innovation is defined as the development and commercialization of innovative products and services, which is essential for companies to differentiate themselves and prosper in competitive markets, while the OECD highlights that innovation is also the improvement of processes and methods for marketing products. In this context, the objective of the research is to identify the strategies used by companies in the manufacturing sector and the obstacles they face. The study design was qualitative, non-experimental, descriptive and exploratory, carried out cross-sectionally during the first four months of 2024 in Panama City, considering the perspective of middle managers of manufacturing companies. Exploring the practices of innovation and creativity in these companies, it was highlighted that most managers recognize their importance for competitiveness, however, obstacles such as lack of financial resources and resistance to change were identified. To overcome them, it is recommended to seek alternative financing, support an open organizational culture, and promote continuous training, because these actions improve efficiency and effectiveness, favoring sustained growth and the entry of Panamanian companies into other markets.