Small Business Innovation Networks

Small Business Innovation Networks

Today the world of business is developing very fast. Industries and markets change so rapidly that the competitive advantages that a company achieves are only transitory. In this scenario, it is a must innovate and continuously create. The big corporations can bear these conditions, but most small businesses do not have the resources, the personnel or the time to generate this continuous change.

Fortunately, there are some strategies that you as a small business owner can adopt, to keep fresh ideas on the table and to be able to develop new products and services to remain competitive. One of the most effective is participation in small business innovation networks.

This is a practice that promotes the joint work of your company with external agents, mainly other small entrepreneurs. This work involves sharing experiences, knowledge, and technology, through the development of innovation projects. In addition to working with other companies, there are other actors such as professionals, experts, or institutions that also promote this supportive culture.

The first great advantage that the development of an innovation network has is that the resources necessary for research and development are shared among all parties involved in the development of the project. Also, an expanded brainstorming is generated, which goes beyond the scope of your company. In this way, you increase the chances of obtaining those winning ideas that will allow you to take comparative and competitive advantages within your market.

The practice of open innovation stems from some successful business cases of small businesses cooperating with each other, such as the development of niches and technological districts. Today, under the premise of interacting in a climate of trust and collaboration, small businesses come together to generate new and creative solutions that allow them to stay in the fight.

Benefits of innovation networks

  1. Create new knowledge: Companies that adopt this type of cooperative models achieve stronger organizational capacities, expanding their sources of knowledge and technology. At the same time, coordination with your colleagues allows you to save valuable and scarce resources such as money, staff and time.
  2. Anticipate changes: The technology and hyperconnection provided by the internet, has made all industries behave as emerging markets, and continually This makes hard to detect trends and analyze extended competition (now it is necessary to compete globally). Through collaboration, the small business owner has a better vision to identify changes in the industry, develop appropriate strategies, and multiply the know-how within their organization.
  3. Gain flexibility: innovation not only requires commitment but a willingness to change. Through network cooperation you generate, competitive advantages by granting your company the faculty to use that knowledge, making it profitable beyond your borders, and diversifying your business model.

Are You Ready to Innovate in a Network?

If you are a small business owner, and you are considering entering the wonderful world of small business innovation networks, let the VSIR team advise you. Thanks to our experience, we will provide a solution that allows you to achieve networking and cooperation agreements that benefit you and your business the most. Contact us; we will be proud to boost your business to a new level.

Small Business Innovation Networks
Vancouver Strategic & Integrated Research
2280 W 6TH Ave, Vancouver, BC V6K 1V8

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