Innovation Sets Small Businesses Apart
In an increasingly competitive business climate, organizations of all sizes must continuously fuel their pipelines with innovative products and solutions, while slashing costs and doing more with fewer and fewer resources.
The necessity to innovate is absolutely critical for small to medium businesses (SMBs), who may not have the wealth of resources that a bigger corporation has at their disposal.
US small business confidence is on the rise – with the index rising to 94.5 in April, according to the NFIB. And, according to IBM, 80% of global mid-sized firms are focused on innovation, growth and outreach to new customers. Just 18 months ago, the focus for these same companies was on cost containment and efficiencies. This is good news: because when SMBs innovate, we all win.
While large companies are always in the news, small to medium sized businesses make significant contributions to economic growth, job growth and innovation. SMBs make up 90% of the world’s workforce and are responsible for 65% of the global GDP.
Check out this cool infographic from IBM and GOOD on the power of the ‘Mighty Middle’.
Though SMBs may be small in size, they are uniquely driven to innovate - out of necessity and opportunity– and they use their agility and ingenuity to their benefit. SMBs are natural problem solvers. Innovation for a successful SMB means having an idea, recognizing an opportunity, or finding a way to meet customers’ needs . Unlike their larger counterparts, SMBs work in near real-time, using the market as their ‘lab’. As such, SMBs need to make informed product decisions at every point in the product lifecycle.
But, SMBs face several challenges that impede their innovation efforts: low capital base, limited business domain knowledge, lack of quality market information, little insight into the competitive landscape, lack of experts at their disposal, etc.
Solutions like Invention Machine’s Goldfire, the Optimal Decision Engine, give organizations of all sizes access to the information, experts and insights they need in order to rapidly develop winning products. Goldfire not only connects people to one another and to domain experts within and outside the company, the software extends well beyond traditional collaboration solutions to also connect people – on-demand – to relevant information inside and outside the organization and to competitive, technology and market trends.
Goldfire integrates a powerful collaborative framework and multi-patented, multi-lingual semantic search technology that helps innovation workers pinpoint and leverage resources, across languages and document types and in the context of the problems they are trying to solve.
With Goldfire, product development teams can connect to one another and to the intelligence they need in order to:
- Identify new market opportunities
- Identify and learn about the latest technologies
- Understand (and capitalize on) consumer attitudes as expressed in social media like Facebook and Twitter
- Connect to new partners in order to make informed make/buy decisions
- Deliver winning, competitively differentiated products, faster
With all of the decisions an SMB must make in order to drive revenue, increase market share, and grow profitability, investing in tools that knowledge-enable product development personnel and optimize product decisions is a no-brainer.
Learn how Goldfire is increasing productivity while improving innovation and time-to-market for companies of all sizes, across the globe and in every industry.