Knowledge Management and Innovative Projects for Increasing Performance of SMEs in Romania and Promotion of Sustainable Development

This paper aims to present the significance of changes in the field of SMEs, in the new European context, affected by global financial crisis, along with the measures and requirements set by the European Commission for SMEs development, research and innovation, the programmes and funding sources to support SMEs. In addition provides an analysis on SMEs sector in Romania by using comparative statistical data. Creation and exploitation of knowledge has become the key resource in the new economy. All economies advanced from the technological point are knowledge economies. Efficient management of individual and external knowledge and implementing in practice innovative projects bring added value to organizations and individualise them. This paper presents what it knowledge management and what are its main implications within firms. It details the advantages obtained by using this new management concept that follows the transformation of the intellectual qualities of staff from an organization, and especially from an SME, into competitive power and added value. As a conclusion, we believe that these efforts may stimulate critical discussions and obtaining possible answers and solutions for SMEs development in Romania and increase their role in sustainable development.