I have a simple component for SVG similar to the documented one. It works well using Chrome, FF, Edge, but not in the IE11. Is there any fix or workaround for this that we can display our custom SVG that we store in static resources? Important thing that we're doing it dynamically, so moving SVG from resources to the component is not the case here, we have hundreds of icons.
The problem with SVG support is that IE 11 does not support external SVGs. It's not a limitation of the platform, it's a limitation of the browser. Your best choice may be a shim, such as svg4everybody, but this may still require you to generate png versions of all your icons as fallback images. This may be a lot of work to support 1% of the world's browsers that are IE 11, but that's what it will take if you truly want to support IE 11 for the next 9 months, at which point Salesforce itself will end IE 11 Extended Support, which means everyone will be required to use Edge or another modern browser to continue after that time.