One of the most common myths when leading idea management in medium enterprises is that you should strongly focus efforts on product innovation, as the ultimate goal is to have the next big thing. Though the reasoning is understandable, if you want to improve your odds of success, try not to miss the bigger picture.
Medium enterprises face challenging barriers on the path to good innovation management: limited resources to invest, lack of incentives and of innovation infrastructure, and shortage of innovation specialists are some examples. However, if you are leading innovation efforts in such a company, there are some good news too.
Medium enterprises fit right in the middle, between two very different realities. And so there are several barriers that these companies face on their path to good innovation management.
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.
Though not always fully recognised, Small to Medium Enterprises are the root of economic growth and job and wealth creation. They play a vital role in the global economy, strongly contributing to employment rates, innovation and growth. Yet, such a fundamental role is only possible if SMEs are able to continue reinventing themselves in order to innovate actively and remain relevant