In order to determine the scope and depth of innovation ideas, it is useful to evaluate your company’s past and present state of innovation strategies. Your organization must be willing to implement the latest trends as they emerge and willing to implement new ideas in the face of stiff opposition from existing businesses. However, one element that must always remain on your horizon is your willingness to adapt and implement new business strategies if they are developed and proven to be viable products or services. As a small business owner, there are some things you should always remember to remember whenever you are faced with an emerging or potential innovation idea. These tips will help you assess the feasibility of an innovation and will allow you to develop a sound strategy to take the innovation into your organization.
The foremost issue that you have to consider is your company’s budget and the kind of economy that prevail in your particular country or region. While the United States has traditionally been a high spender in terms of innovation and research, other countries around the world have been lagging behind and are now reaping the benefits of this paradigm shift in the international community. While many of the innovations that have been developed in the United States were initially designed and developed by large corporations with deep pockets, some smaller companies are taking advantage of the free market to create and market cutting-edge solutions to local problems. As a result, you have to closely observe the development of local economies and assess whether the benefits of innovation ideas are going to be sustainable through the long-term course of economic growth and development.
Another important issue is the availability of human capital. One of the primary reasons why American businesses have been lagging behind other counterparts in terms of innovation and progress in the technological domain is because they lack the necessary human capital necessary to drive the pace of business innovation. As a result, the United States has been lagging far behind in the global race for technology leadership. According to the Organization for Economic Co-corporation and Development (OECD), the twenty-first century will be characterized by rapid and sustained economic growth that will increasingly utilize the human capital of the nation as a means to improve living standards.
In order to make sure that the United States is able to continue to lead the way in innovation and technological advancement, the country needs to continue to invest in its citizenry. As a result, business leaders need to look at investment in education and training as an important tool to drive their company forward. In particular, corporate tax rates must be reigned in to provide a competitive advantage over other businesses in the market. The current situation on the corporate tax front is such that businesses are experiencing a growing gap between retained earnings and tax payable. This gap, if left unattended, will lead to the erosion of the nation’s economic strength.
On the horizon 1, we’ve discussed the role of business funding in bringing a business idea to market and the challenges inherent in doing so. On the horizon 2, we’ve looked at the need for more effective innovation strategies that can enable companies to develop and bring new ideas to market faster. Finally, on the horizon is the third item on the agenda: the need for greater corporate governance and more effective policies that promote greater discipline in spending. The lack of clear goals and metrics constrain how organizations manage innovation. The ability to identify and measure existing organizational debt also limits innovation.
This is what the United States should look like after Yozma. If the United States wants to remain on top of the world, it must learn to invest in the future by harnessing the knowledge, skills, and innovation capital of its citizenry. It cannot do this effectively without the help of venture capital and, to a lesser extent, of academic and research centers. The nation needs to invest in its citizens by reorienting its thinking about innovation.