Innovation: 8 steps to implement innovation in SMEs
Start writing a post

Innovation: 8 steps to implement innovation in SMEs

The innovation is a formal process that has a methodology and tools themselves allow, in a structured and systematic way, creating innovations.

549
Innovation: 8 steps to implement innovation in SMEs

If we ask business owners what is their way of innovating , most of the time they will tell us that they are identifying new product opportunities based on their business experience: they come up with something, they discuss it internally, and they develop it little by little, inserting economic and human resources into the process as much as possible.

Therefore, innovations are often lost along the way if they do not have clear mechanisms, a person with name and salary, as well as exclusive financial resources for the process.

It is useless to have an innovative product or service, if the company does not manufacture it, does not distribute it, does not sell it, and does not promote it well. Hence, innovation per se is not enough to have a return on investment and generate wealth. We can structure this process through the following eight steps:

1. Create the innovation strategy within your business plan

It consists in considering in your business the necessary resources to generate innovation. These resources must be reflected in their economic projections since money is required to innovate in a structured way. Personnel in charge of creating innovations in new products or services, with a specific salary, office and workshop areas, prototype and testing machinery, materials and cost of information sources (such as patent banks) are some of the investment points in innovation It is very difficult to create innovations with the time that remains for our current staff, since time and mind with full availability are required by someone responsible.

2. Develop new products or services

Through an adequate process of design and development of new products, the entire company, suppliers, and customers must be involved to creatively generate innovative concepts. Many creative techniques can be successfully implemented in the company.

3. Technological surveillance

To respond to the threats and opportunities of the environment, the company must learn to systematize them through technological surveillance tools (patent search, technologies), Benchmarking and best business practices, and information on the latest available technologies, as well as scientific discoveries. That allow us to have the most up-to-date information to make decisions to innovate, avoiding spending time in generating something that we later realize that already existed.

4. Management of technological and innovation projects

An innovation project cannot be managed in the same way that any other activity is managed. In innovation there are several aspects not clearly defined, a fuzzy front end or uncertainty, development times longer than conventional projects, etc. Therefore, we have to develop specific management tools that allow us to manage innovation from the beginning.

5. Financing of innovation

Obtaining financial resources for the generation of innovations is a decisive aspect to carry them out. Most of the time, this money is not available or available to some companies, so it is necessary to obtain information on how to obtain these resources, either governmentally or privately. It has to do directly with the funds and procedures to fill out the applications and obtain them.

6. Innovation assurance

To get a clear advantage as a company that has generated an innovation, it is important to create an appropriate industrial property strategy. This includes learning how to protect with the greatest possible benefit, everything generated in the company, from brands, industrial designs, utility models and patents. Knowing how much it costs to do it, how it is done and abroad and how it can be sold or rented, is essential to obtain a return in the future.

7. The exploitation of innovation in the business strategy

Innovation exists if it generates an economic return. In such a way that a new product or service may require a new business model to be able to exploit it. It is important that before carrying out an innovation project a study is made of its impact, both commercial and the improvement of our competitive position.

8. Conservation and use of company knowledge

If we want the knowledge generated and existing in our company to be a differentiator to the competition, we must boost its creation, and make it part of our intangible assets and know-how. Implementing a system and tools that allow us to keep it and share it within our company, can over time make our business model based on knowledge creation.

Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
Health and Wellness

Exposing Kids To Nature Is The Best Way To Get Their Creative Juices Flowing

Constantly introducing young children to the magical works of nature will further increase the willingness to engage in playful activities as well as broaden their interactions with their peers

68196

Whenever you are feeling low and anxious, just simply GO OUTSIDE and embrace nature! According to a new research study published in Frontiers in Psychology, being connected to nature and physically touching animals and flowers enable children to be happier and altruistic in nature. Not only does nature exert a bountiful force on adults, but it also serves as a therapeutic antidote to children, especially during their developmental years.

Keep Reading... Show less
Health and Wellness

5 Simple Ways To Give Yourself Grace, Especially When Life Gets Hard

Grace begins with a simple awareness of who we are and who we are becoming.

102985
Photo by Brooke Cagle on Unsplash

If there's one thing I'm absolutely terrible at, it's giving myself grace. I'm easily my own worst critic in almost everything that I do. I'm a raging perfectionist, and I have unrealistic expectations for myself at times. I can remember simple errors I made years ago, and I still hold on to them. The biggest thing I'm trying to work on is giving myself grace. I've realized that when I don't give myself grace, I miss out on being human. Even more so, I've realized that in order to give grace to others, I need to learn how to give grace to myself, too. So often, we let perfection dominate our lives without even realizing it. I've decided to change that in my own life, and I hope you'll consider doing that, too. Grace begins with a simple awareness of who we are and who we're becoming. As you read through these five affirmations and ways to give yourself grace, I hope you'll take them in. Read them. Write them down. Think about them. Most of all, I hope you'll use them to encourage yourself and realize that you are never alone and you always have the power to change your story.

Keep Reading... Show less
Entertainment

Breaking Down The Beginning, Middle, And End of Netflix's Newest 'To All The Boys' Movie

Noah Centineo and Lana Condor are back with the third and final installment of the "To All The Boys I've Loved Before" series

365263
Netflix

Were all teenagers and twenty-somethings bingeing the latest "To All The Boys: Always and Forever" last night with all of their friends on their basement TV? Nope? Just me? Oh, how I doubt that.

I have been excited for this movie ever since I saw the NYC skyline in the trailer that was released earlier this year. I'm a sucker for any movie or TV show that takes place in the Big Apple.

Keep Reading... Show less
Lifestyle

4 Ways To Own Your Story, Because Every Bit Of It Is Worth Celebrating

I hope that you don't let your current chapter stop you from pursuing the rest of your story.

228852
Photo by Manny Moreno on Unsplash

Every single one of us has a story.

I don't say that to be cliché. I don't say that to give you a false sense of encouragement. I say that to be honest. I say that to be real.

Keep Reading... Show less
Politics and Activism

How Young Feminists Can Understand And Subvert The Internalized Male Gaze

Women's self-commodification, applied through oppression and permission, is an elusive yet sexist characteristic of a laissez-faire society, where women solely exist to be consumed. (P.S. justice for Megan Fox)

118753
Paramount Pictures

Within various theories of social science and visual media, academics present the male gaze as a nebulous idea during their headache-inducing meta-discussions. However, the internalized male gaze is a reality, which is present to most people who identify as women. As we mature, we experience realizations of the perpetual male gaze.

Keep Reading... Show less
Lifestyle

It's Important To Remind Yourself To Be Open-Minded And Embrace All Life Has To Offer

Why should you be open-minded when it is so easy to be close-minded?

305197

Open-mindedness. It is something we all need a reminder of some days. Whether it's in regards to politics, religion, everyday life, or rarities in life, it is crucial to be open-minded. I want to encourage everyone to look at something with an unbiased and unfazed point of view. I oftentimes struggle with this myself.

Keep Reading... Show less
Swoon

14 Last Minute Valentine's Day Gifts Your S.O. Will Love

If they love you, they're not going to care if you didn't get them some expensive diamond necklace or Rolex watch; they just want you.

186990

Let me preface this by saying I am not a bad girlfriend.

I am simply a forgetful one.

Keep Reading... Show less
Student Life

10 Helpful Tips For College Students Taking Online Courses This Semester

Here are several ways to easily pass an online course.

126666
Photo by Vlada Karpovich on Pexels

With spring semester starting, many college students are looking to take courses for the semester. With the pandemic still ongoing, many students are likely looking for the option to take online courses.

Online courses at one time may have seemed like a last minute option for many students, but with the pandemic, they have become more necessary. Online courses can be very different from taking an on-campus course. You may be wondering what the best way to successfully complete an online course is. So, here are 10 helpful tips for any student who is planning on taking online courses this semester!

Keep Reading... Show less
Facebook Comments