Small Business and Innovation

Large corporations, Apple and Google are the first to come to mind, often get the lion’s share of attention for innovation.  While that may be deservedly so, it doesn’t mean that small businesses aren’t doing their own fair share of innovating.

Chris Thoen the Managing Director of Proctor and Gamble’s office of Global Open Innovation, described ways in which it can be advantageous for a large corporation to work with a smaller counterpart in pursuing innovative practices or strategies.  Smaller businesses can be more flexible and are less bound to established practices which can lead to more risk-taking.  Some even argue that small businesses are innovating, but are merely not fully aware of their innovations.

The federal government also plays a role in small business innovation through the Small Business Innovation Research program, which administers grants to small businesses through eleven different federal departments.  Whether public or private sector, the ability to innovate successfully will be an essential task for small business throughout the 21st century.

Posted by: Rachel Barker

Sources: Blogging Innovation, Forbes, Innosight

Photo Credit: Cardiff ecotaxi courtesy of flickr user maisora

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One Response to Small Business and Innovation

  1. Laura says:

    I recently learned about an interesting innovation website, http://www.kickstarter.com, which attempts to connect inventors and innovators from across the world, so they can work with each other on projects. The website has helped produced some amazing and successful products. Could be a useful tool for small businesses interested in collaborating.

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