Entrepreneurs of small business establishments and start-up enterprises need to understand the wants and expectations of customers they cater to in the marketplace in order to survive. This helps them to come up with ingenious products or render unique services that meets those demands. Implementing effective innovation platforms within their organizations enable these proprietors to learn more about their clients’ needs and ways to overcome various obstacles in their business environment. In addition to this, they can also identify the opportunities they need to exploit for the growth of their businesses. These platforms enable people who specialize in diverse fields to sit down at the negotiation table and work together towards achieving a specific objective.
Experts specializing in this field say that such platforms are a common feature in large corporate enterprises. To prove their point these professionals site examples such as GE’s Open Innovation, Samsung’s Accelerator or Lego’s Ideas. They go on to explain that start-up concerns and small business organizations are in a better position to exploit the benefits of such platforms. This is because such establishments are more flexible when it comes to adapting to the sudden changes in their market environment than prominent companies with immense resources.
These professionals go on to clarify that start-up concerns and small business establishments can enjoy the following advantages of such platforms:
- Create a forum for meeting of minds
Most entrepreneurs of such organizations are always in a rush to do a number of things in a short time frame in attempt to outperform their competitors in the marketplace. They do have the luxury of time on their side to sit down with individuals responsible for operating their establishments and debate on ideas that can result in a groundbreaking business innovation. Innovation platforms allow such employees who specialize in diverse professions to exchanges their ideas, discuss their feasibility and implement the best ones.
- Includes everyone in the workforce
For an idea campaign to work in a startup establishment or small business concern, it is vital to includes all the members of the work forces offer their ideas before the management start evaluating them. Only then it is possible for everyone to debate on which suggestion is likely to lead to the next big lucrative business innovation for the organization.
- Encourages teamwork and employee engagement
Such platforms enable the entrepreneur, the top managerial personnel and employees to sit on the same table to discuss the feasibility of the ideas in front of them. This can reduce the down time on agreeing on which is the best suggestion to implement. This goes a long way in building stronger relationships between coworkers and the top management.
Transparency is a critical factor that entrepreneurs need to encourage within their establishments in order promote an innovative culture. It is essential for employees to know the objectives their coworkers and the top management are trying to achieve when their offer their ideas. The debate and constructive feedback they receive for their suggestions make them feel that the management values their presence.
In addition to the above advantages, effective innovation platforms enable top management create a mechanism that recognizes and rewards employees that comes up with the best ideas.