Innovation Ideas for Small Business: When you are looking for innovative ideas to help your company grow and compete in today’s highly competitive markets, you need a plan of attack. The best ideas come from competition. If you are struggling to find quick innovation in your business, some deep competitive intelligence may be just what you need to launch your company into the next level. 5 Corporate Innovation Ideas To Steal From The World’s Most Leading Enterprises.
Step One – Competitive intelligence can help you understand where your company is right now in its innovation process. What is its horizon 1 innovation strategy? What are some of the viable products or services that it currently offers? And, more importantly, what do your competitors do well?
In order to set your company ahead of the curve, you have to think outside the box and dig down to understand what others have done successfully to reach their goals. Your company can steal important insights and systems and apply them to your operation. For example, the state of California is one state with an extremely high level of patent filings. The Semiconductor Innovation Institute identified the state of California as having the highest number of patent filings of any state in the U.S.A.
Step Two – Set your company on a course to succeed by reviewing current performance and identifying the strengths and weaknesses of the processes and systems that support it. A business can make a mistake by focusing too much on one aspect of its operations. The most successful companies recognize both the benefits and drawbacks of their processes and set up an effective, workable system to support their high level of innovation. The Semiconductor Innovation Institute identified the critical role that economic growth, human capital and state-of-the-art infrastructure play in ensuring the success of innovation.
Step Three – Focus on what you can control and invest in. The best innovation ideas are those that yield a return far greater than the cost incurred. One of the biggest reasons for failed ventures is poor management of resources. Many new businesses fail simply because they do not focus enough on what they can control, especially when it comes to their human capital. According to the Organization for Competitive innovation, “OECD research shows that countries with the highest levels of patents, both across and within their industries, also have the strongest economic growth.”
Step Four – Set a goal to refactor your business model based on the recommendations that you’ve identified. The key to refactoring an organization is to remove outdated or outmoded methods, while at the same time enhancing and streamlining existing processes and systems. When you an enterprise, you don’t want to do it in a way that disrupts or diminishes the integrity of your existing business model. Rather, you want to make sure that any innovation you bring to the table adds value to an existing enterprise.