How to inject a massive dose of innovation into your company
While at first glance it would make sense that the smaller, more agile entrepreneurial companies among us would be by far the most innovative. You would think this would be true. And you also would be wrong. It’s not for a lack of trying or desire. It’s simply that smaller businesses do not have the R & D budgets, the staff, and the vision that larger companies can commission. Needless to say, the challenge for small business innovation is to break past the glass ceiling keeping it from innovating, and actually get into the game! Less than half of small businesses were brought into being as the result of a â€œnew ideaâ€, according to a study by Erik Hurst and Benjamin Wild Pugsley of the University of Chicago. They state that most new business is another â€œMe-tooâ€ venture, offering the already crowded marketplace another grocery, plumber or florist. Little innovation required, and consequently little growth.
So how does a small business get from the morass of just another business to one that is offering new and exciting products and services people are clamoring to try?
4 Strategies to create a culture of innovation in your business!