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This paper discusses the negative impact of shadow economy on Small and Medium Enterprises (SMEs) in Tourism Industry, where SMEs constitute 98 percent of the national economy. Our findings indicate that shadow economy widens the gap between SMEs and large enterprises, and presents the biggest obstacle for the development of SMEs. Moreover, our research confirms that the shadow economy has the potential of destroying national economies in smaller countries, like Greece. Our research was based on a questionnaire su...

The aim of this paper is to present a realistic solution for the Small and Medium Enterprises (SMEs) despite the financial crisis via innovative management. It is believed that the first “victims” of the debt and financial crisis are the SMEs and for this reason we present the creation of a dynamic “shield” via spin off and university research. A literature review took place to investigate the issue and to prove that the change of the “usual” into innovative management in Small and Medium Enterprises g...