Small to Medium Enterprises (SMEs) are still failing to innovate, and those that don’t keep up with the creative and innovative pace will inevitably fall behind. The intense competition that SMEs face requires them to reconsider their competitive positions and embrace innovation to enhance business competitiveness.
To do so, innovation must be embedded in the organisational structures, processes, products and services of any medium-sized company.
Businesses whose products adapt to the needs of target customers – marketed faster and more efficiently than their competitors – are better positioned to create sustainable competitive advantage. The data available keeps us on alert mode:
on average, it takes less than one year before competitors copy your products.
Though companies can reap the biggest rewards from innovation, the truth is it’s not always that easy to launch successful idea management initiatives and find a cost-effective balance where SMEs can truly sustain competitive advantages. To stay ahead of the innovation race, medium enterprises must first overcome some misconceptions.
There are four myths that often block the path to success. The first myth we will look into next is that, in innovation, size doesn’t matter. Or does it?