Tell us what are the most important factors in creating innovation

Posted on: August 10, 2009

What do you think are the most important factors in creating innovation?

Hutch Carpenter has dug out a paper from 2003.

Entitled “SME innovation and the crucial role of the entrepreneur.” it was written by a team of Dutch Academics to ask SME’s what they viewed the most important factors in innovation to be.

The survey threw up some interesting results.As Hutch says

Rather than have the businesses come up with their own factors, the academics conducted an extensive survey into the prevailing studies on the matter. From this survey, they culled to the 14 most commonly mentioned bases for innovation.
They then asked 167 firms to answer 50 different questions, which resolved to the 14 factors. From these responses, they generated a statistically valid ranking of the what small businesses consider to be the most important drivers of innovation.

What they found was that in these SME’s the entrepreneur was seen as the most important initiator to innovation followed by having a unique product and having a culture of innovation.

Their full list was as follows

1.The Entrepreneur-initiating an entrepreneurial spirit

2.Having a unique product advantage

3.Promoting a culture of innovation

4.Having a project approach to development of ideas

5.Technological activity

6.Best use of human resource management

7.Marketing activities

8.The definition of the project

9.Pre Development including feasibility studies

10.The presence of the market

11.Accessibility to funding

12.Insight into the motives and actions of competitors

13.Its integration into the current product portfolio

14.Being part of a collaboration network

We would love to here your ideas and are there any missing from the list?


2 Responses to "Tell us what are the most important factors in creating innovation"

14 is good but the collaboration network needs to be supported by sophisticated social media to allow collaboration over distance…my innovators in Toronto should have some ability to collaborate with counterparts in Manchester….possibly a purposeful combination of 14 and 5

Agreed David.Collaboration and social media have to go hand in hand and it would be good if a forum between Manchester and Toronto could be established

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