Product Innovation is shown to be growing in importance for small companies. Expert in product and brand innovation Robert Pell highlighted the disproportionate importance of innovation for small companies and businesses.
Innovation is a hot term in 2013, but it is difficult to quantify the tangible benefits of implementing active innovation practices in small businesses. The results are difficult to see as they vary over time and positively affect industry in different ways. New research has suggested that the combination of tangible and intangible benefits is disproportionally large in smaller companies that have structured innovation promoting practices, in comparison to the larger corporations.
“Smaller companies are more agile and have the ability to quickly implement change, allowing them to react to changes in culture or technology” Robert Pell BSc CEO Market Innovation
Innovation can be promoted in all sectors and developed in a range of ways. The smaller companies that introduce structured innovation challenges that include staff from a range of backgrounds benefit the most. Companies such as Just-Click-Video and Blink Accounting have introduced a practice called ‘Thursday Think Hour’ to try and invigorate the creative qualities of their teams. This activity sets a challenge and asks for a potential solution; after the hour is passed each member of staff caries out a brief presentation for the new idea. After all the presentations are completed the ideas are placed adding a competitive edge to the game. This friendly process that staff looks forward to is a great option to promote creative thinking and encourage in-house innovation. Both new products and services have been developed using this method with great success.
“…SMEs appear to be… more innovative than our large firms” Alan Hughes, Director of the Centre for Business Research
To learn more about how to introduce innovation into your company or as an individual go to html://www.marketinnovation.co.uk and receive a free 6 part lecture on product development if you subscribe.
Market Innovation is a creative and multi-talented product and brand Development Company that pioneers new markets. Market Innovation make big ideas get big results.