This article was originally posted on ScoreNYC
Innovation is a key asset for any business. Both small and large enterprises can thrive by introducing inventive products to their sectors, benefiting customers, clients, and ultimately the economy at large.
When it comes to innovation, big businesses usually take most of the praise for their ingenuity and strategy; after all, they can afford large research and development departments. But small businesses are just as innovative—sometimes more—than large-scale corporations.
Over the past several years, startups have led the way in global innovations by providing services and technology to markets ranging from consumers to larger corporations. There are many ways that small companies can leverage their size and business culture to quickly develop innovative prowess. Focusing on four essential steps can help small business entrepreneurs nurture innovative models for their own operational strategies:
1. Fast access to resources
Smaller companies often have fast access to resources. Multiple departments and personnel can more quickly access the time to become involved in development strategies, while easily identifying the tools it will take to market their ideas. This can greatly shorten development timelines. Smaller companies can have an advantage because they can reallocate temporary resources for innovative ideas. Large companies have to focus on numerous product lines and distribute resources accordingly.
How to leverage: Organizational structure and resources are the best ways to easily access and stock tools for the execution of your innovative ideas. In startups, the hierarchical structures characteristic of big companies are not as prominent. Managers and other workers have easier access to higher-ups for brainstorming, which makes the execution strategy easier.
In addition, established salary rates and service providers for large-scale operations can make costs hard to control at the early stages of innovation for big companies. Startups may constantly be fundraising or securing investors for money, but large companies have to deal with established standards, numerous costs and complex processes to get innovations off of the ground.