It would only stand to reason that a smaller, more agile company should be best positioned to create the most innovative ideas. Wellâ€¦this isn’t necessarily so. Absent several key ingredients, such as money for R & D, available staff, and a lack of vision that big companies can make happen, small businesses are finding that their challenge lies in learning to innovate in spite of, and sometimes because of these facts. A recent study by Erik Hurst and Benjamin Wild Pugsley of the University of Chicago called â€œWhat do Small Businesses Do?â€ found that fewer than 50 percent of new business startups were born from a â€œnew ideaâ€. Additionally, they found that the majority of new businesses are essentially more of the same, offering one more coffee shop, bakery or tax service to a marketplace stuffed with these services. Very little innovation, greater competition, and little chance at exponential growth.
4 Ways to develop a culture of innovation in your business!
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Chik Quintans is a Digital Marketing Strategist with a passion for helping sales teams and businesses grow. As the owner of UnderGround Marketing Society LLC, creating a strong online brand and building a broad footprint online for sales teams and businesses are he and his company's areas of focus. Whether that be leveraging marketing channels and approaches such as social media, reputation, search engine optimization (SEO), video marketing and more. Chik Quintans can be reached on LinkedIn where you are invited to connect. https://www.linkedin.com/in/chikquintans