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.

557
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.
Featured

Haunted Houses For Halloween In New Jersey

The Top Scariest Haunted Houses In New Jersey

40353

Residing in New Jersey enables you to participate in various activities, and everyone has a favorite. In New Jersey, Halloween is also celebrated in a spooky way. There are many scariest haunted houses in NJ to celebrate Halloween. If you want to confront your greatest fears, Halloween Scariest haunted houses are ideal.

Keep Reading... Show less
Featured

Leaving My Backpack In The Library

Views about society and the stranger sitting right across from me

76650
https://unsplash.com/photos/O0T1SIgHAfM

As a college student, my backpack is an extension of myself in many ways. It contains my notes, pens, and computer vital for my success in college. It contains the snacks and water bottle I need to survive long days on campus. It also contains the "in-case" items that help put my mind at rest if I forgot something from home: extra hair ties, masks, and that backup-backup snack. With so much in my backpack important to me and my life on campus, it is no wonder that I can get apprehensive about it when it is not with me or in my line of sight. And that makes me wonder.

Keep Reading... Show less
Featured

5 Cool Gadgets To Make Your Car Smart

Don't let this stop you from making your car smart. You can change the one you have using smart gadgets that transform your car into a smart car.

125187

Cars are no longer just a mode of transport, where you only worry about the engine and how beautiful its interior is. These days, everyone wants to make their cars smarter, those with advanced technology systems. It makes sense for several reasons. It can make your vehicle more efficient and safer when you need to drive.

Keep Reading... Show less
Featured

The Inevitable Truth of Loss

You're going to be okay.

138550

As we humans face loss and grief on a daily basis, it's challenging to see the good in all the change. Here's a better perspective on how we can deal with this inevitable feeling and why it could help us grow.

Keep Reading... Show less
Featured

'Venom: Let There Be Carnage' Film Review

Tom Hardy and Woody Harrelson lead a tigher, more fun sequel to 2018's 'Venom'

108479
Photo Credit: Sony Pictures Entertainment – YouTube https://www.youtube.com/watch?v=-FmWuCgJmxo

When Sony announced that Venom would be getting a stand-alone movie, outside of the Tom Holland MCU Spider-Man films, and intended to start its own separate shared universe of films, the reactions were generally not that kind. Even if Tom Hardy was going to take on the role, why would you take Venom, so intrinsically connected to Spider-Man's comic book roots, and remove all of that for cheap action spectacle?

Keep Reading... Show less
Facebook Comments