small business innovation
24 May , 2018

How to Use Innovation to Fuel Your Small Business

Posted By Jassim Mohammad

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Small businesses innovation

This may sound unbelievable, but small businesses are actually better suited to be more innovative than a larger organization.

Small businesses can execute ideas more quickly and pivot easier than enterprise level companies. They don’t have to spend months or years evaluating new ideas.

Smaller businesses don’t have to clear every microscopic dot through multiple departments. In other words, there are fewer hurdles for a small business to jump over when it comes to innovation.

They can develop and implement new ideas quickly. In turn, this forces competitors to have to play catch up to them.  Additionally, small businesses can temporarily allocate all of its resources to a new idea. Shortening development time is critical. This also develops a culture where everyone is encouraged to get involved. Moving the innovation process to a fast track promotes creative thinking in your company. It will also offer your employees excitement and rewards for their innovative ideas.

Types of innovation

Businesses have a variety of strategy options when it comes to the different types of innovation.

Examples:

Open innovation

Henry Chesbrough, a professor at the University of California Berkeley and executive director for the Center for Open Innovation coined this phrase.

This is when companies use both internal and external ideas to help advance their existing operations. “Open innovation is the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation,” says Chesbrough.

In Chesbrough’s book Open Innovation: Researching a New Paradigm, he adds, that this paradigm assumes that firms can and should “use external ideas  as well as internal ideas.” Chesbrough explains how these internal and external paths will quickly advance their technology.

Source: How to Use Innovation to Fuel Your Small Business

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