Thursday, May 14, 2009

Innovation Customized to Company Size

Innovation Presentation went very well - Wow!!
Question about large versus medium/small business differences is good.
Although large businesses have the capability and capacity to establish more formal systems with more infrastructure associated with them, small/medium size businesses can use the same strategies and systems in a less formal (more informal) way to accomplish the same purposes.
For example - A large company may purchase a software system for stage-gating new product approval process, whereas small/medium companies my use Excel or a paper-based process for tracking, etc.
Another example - Large companies may have a highly structured process and role focused on the screening of new ideas, maybe even associated with an incentive program for accepted ideas, etc. Small/medium companies have less volume and can handle this less formally, maybe with less stringent criteria for idea screening and maybe with an informal recognition program to encourage and reward idea generation.
The challenge for organizations of any size is to take the principles and practices from successful companies (who compete effectively using innovation as a strategy) and adjust them to fit your culture and size needs.
Chad

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