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This paper presents a new approach to innovation management in small and medium-sized enterprises (SME). The holistic innovation framework (hif) and value generation model (VGM) support and extend the unique processes of new product development (NPD) in SMEs. These processes were found to be primarily dependent on the owner/manager of the SME. The approach then externalizes the tacit process of the owner/manager, so that a wider management team can apply it. It diverges from existing large organizational NPD theory by taking a capability perspective rather than a project process perspective. The approach was developed using action research in a range of case studies. The application of the approach has identified a range of benefits at an organizational, industry and policy level.