small business

4 Ways To Encourage Innovation In Your Startup Business

As the market becomes saturated, it becomes difficult for many businesses, especially startup enterprises, to stay on top of their competitions. Technology has paved a way for firms to revolutionize their marketing and management strategies. Another tried and tested way to infiltrate their specific markets successfully is to inspire innovation within their offices, from employees to their brand. 

What SMEs can Expect from Value-Creating Innovation Management Consulting

Owners and managers of small and medium sized companies (SMEs) are reluctant to hire consultants and even more so when it comes to innovation management consulting. And they often have good reasons to do so. They don’t see an appropriate value for the money and time they invest on innovation management consulting - especially since the quality and range of such services varies dramatically.

How to Develop your Innovation Management Consulting Business in Tough Times

Companies become increasingly restrictive in their consulting spending, especially during times of economic crisis, where the return on the investments on consulting services is questioned and carefully considered. Consulting in the area of innovation management is even more under pressure as it is usually much lower on the CEOs’ agenda than e.g. restructuring or general cost-cutting. Therefore, innovation management consultants face the challenge to develop their client base, be effective by providing the right recommendations and be efficient by developing these recommendations in as short a period of time as possible. Mastering such a challenge seems like searching for Columbus’ Egg in innovation management consulting.

Why Bother about Innovation Strategy as SMEs?

There is discussion about how much effort should be put into developing an innovation strategy especially by small and medium-sized companies (SMEs). Aren’t many successful innovative offerings just a result of trial, error and finally good luck? Insights in more than 1,500 SMEs from the IMP³rove database demonstrate that strategic focus helps secure profitable growth by innovation.

How to Deal with Innovation Management When You Are Small?

Innovation is frequently marketed as driver of growth and prerequisite for remaining competitive. However, the process is often risky, especially for small or medium sized enterprises in search of ways to successfully manage their new products, services or businesses in a systemic and stable manner. Luckily, tools such as the “A.T. Kearney House of Innovation” are available to lend an essential helping hand.

Open Innovation in SMEs

Difficult market conditions force SMEs to adapt or reinvent their businesses through new technologies or unique value propositions, but they often lack resources and technical capabilities and must thus collaborate with others to compete. Those that succeed in this transition often employ open innovation. A study by Dr Wim Vanhaverbeke, in collaboration with Ine Vermeersch and Stijn De Zutter found that open innovation can create new opportunities for all types of SME – from start-ups in high-tech markets to players in traditional markets – because they can change business models without having the required technologies in-house.

5 Ways Small Businesses can Innovate Like the Big Guys

In traditional thinking, being competitive in the global marketplace requires a significant investment in time and resources. But the reality is that any organization today can take advantage of open innovation to innovate faster and cheaper than ever before, positioning them as true competition in the industry. This article will explore the top five ways SMEs can leverage open innovation.