Innovative strength is the key to securing competitiveness and sustainability in the future. SMEs should also see innovation as a driver for growth in order to position themselves for the future in the fast-moving business world.

Innovation management enables SMEs to actively shape structural change. This can include the introduction of new product solutions/services, the optimization of internal processes or the development of new markets/business areas.

 

Creation of a (company-internal) culture of innovation

Creating a culture of innovation starts at management level. Managers should emphasize the value of innovation and encourage employees to contribute their ideas and continue to develop them collaboratively in interdisciplinary teams. Open communication and regular feedback loops promote an environment in which creativity and innovation can develop.

Recognizing innovative achievements is also important – incentives motivate employees to actively participate in innovation processes. An integrative, interdisciplinary approach involving all departments strengthens the innovative power of the entire company.

 

Identifying opportunities and challenges

Every company can innovate! The first step is to identify areas in which innovation creates real added value. This can include the improvement of product solutions/services, the development of new markets/business areas or the optimization of business processes.

At the same time, the challenges associated with innovation should be assessed realistically. Scarcity of resources and limited expertise can present hurdles. However, by prioritizing and making targeted investments, significant progress can be made even with limited resources.

 

Use of technology and digitalization

Technology and digitalization offer SMEs a wide range of opportunities to drive innovation. Cloud solutions, collaboration tools and process automation can increase efficiency and pave the way for new business models.

It is important not to be overwhelmed by the multitude of technological options. A step-by-step approach, starting with targeted implementations, enables SMEs to reap the benefits of digitalization potential.

 

Cooperation and network development

Cooperation with other companies, research institutions or industry associations gives SMEs access to a broad pool of knowledge and resources. Joint cooperative projects can unleash innovation potential that would be almost impossible to realize alone.

Successful collaborations serve as inspiration. Innovative solutions are created through the exchange of know-how and the pooling of resources. This not only strengthens the company itself, but also contributes to building an innovation ecosystem and strengthening the entire economic region.

 

At EDIH Saarland, we offer many low-threshold formats for digitalization topics relating to internal processes, chatbots, etc. In particular, the specific workshop series on innovation management will take place at East Side Fab in 2024: With the support of a renowned agency for innovation management, we will deal with the topic of innovation management in a practical and step-by-step manner with SMEs:

• Setting up innovation units and dealing with innovation projects,
• Success factors and best practices,
• Utilization paths from innovation projects,
• Corporate cooperations and venture clienting.

If you have any questions about the workshop series or would like to register in advance, please contact c.mayer-klein@edih-saarland.de.

Registration for the first workshop is open: here