Managing Innovation in Small Businesses

People define innovation as ‘inspiration’, ‘brilliance’, spontaneous idea’, etc. However, Thomas A. Edison had once said, ‘innovation is 1% inspiration and 99% perspiration.  The fact remains that in business, an idea is useless unless it is commercialized and executed into a product or a service.
The Munjal Institute for Global Manufacturing has come together with GIZ and Ministry of Small and Medium Enterprises under the initiative of its ‘Big Leap Club’ to conduct workshops on ‘Managing Innovation in Small Business’, for SMEs (Small and Medium Enterprises). This would be an outreach event to strengthen relationships with local SMEs.

The Workshop will help you understand innovation and take you through the process of executing your ideas.  By end of Day 4, you should be able to take up a challenge in any desired area and create clear impact for business. This could be through:

  • A new product / innovating on the existing product
  • Through leapfrogging market share or earnings of existing products
  • Creating transformational productivity in a controlled area that directly impacts bottom line
  • Creating transformational customer engagement that makes your customers your greatest sales people
  • Creating innovations in the ecosystem or plugging gaps in the ecosystem that help one to change the game. 
The key theme is for you to innovate within YOUR area of control rather than wait for the environment/organisation to help you.