INNOVATION
FOR EVERY
BUSINESS
FINANCING | CONSULTING > BDC.CA
WHY INNOVATE?
•	In today’s highly competitive
business world, customers are
ever more demanding.
•	To survive and stand ou...
WHAT IS INNOVATION?
•	The term “innovation” has become
so common it’s almost lost its meaning.
•	Many entrepreneurs think ...
WHAT IS INNOVATION?
INVENTION:

INNOVATION
IS OFTEN EQUATED
WITH INVENTION

•	The creation of something that didn’t
exist ...
INNOVATION SHOULD ABOVE ALL
BE A MINDSET
It’s about:
•	continuously improving products and services;
•	implementing better...
INNOVATION
CAN BE SIMPLE
Sometimes, ingeniously small
improvements can trigger
major growth.
JUST LOOK AT THESE
INNOVATION...
A RECIPE FOR INNOVATION
SO, HOW CAN YOUR COMPANY ADOPT A MORE INNOVATIVE MINDSET?

Put innovation at the centre of your bu...
PUT INNOVATION AT THE
CENTRE OF YOUR STRATEGY
•	Work with your team to develop a comprehensive innovation strategy
as part...
INVOLVE EMPLOYEES
AND OTHER STAKEHOLDERS
•	Employees, suppliers and other stakeholders are
well positioned to help you inn...
LISTEN
TO YOUR CUSTOMERS
•	Customer feedback is valuable intelligence for improving products
and services.
•	Collect and a...
INVEST IN R&D, IT
AND NEW EQUIPMENT
•	Invest in assets that improve your competitiveness.
•	Information and communications...
KEEP UP WITH
TRENDS
•	Study and read about innovation, change and creativity.
•	Continually monitor emerging trends and op...
FOCUS ON CONTINUOUS
IMPROVEMENTS
•	Don’t focus on finding a magic breakthrough.
•	Instead, concentrate on making continuou...
ENLIST THE HELP
OF GOVERNEMENT
AND UNIVERSITIES
•	Apply for provincial and federal tax credits available
to companies cond...
INNOVATION IS
AN OPPORTUNITY
TO GROW
•	By following these simple
steps, you’ll create a more
innovative business.
•	And wh...
FOR MORE ADVICE, GO TO
BDC.CA /GROWTHCHALLENGES
BDC IS THE ONLY BANK DEDICATED
EXCLUSIVELY TO ENTREPRENEURS.
FINANCING | CONSULTING  BDC.CA/GROWTHCHALLENGES
Innovation for every business
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Transcript of "Innovation for every business "

  1. 1. INNOVATION FOR EVERY BUSINESS FINANCING | CONSULTING > BDC.CA
  2. 2. WHY INNOVATE? • In today’s highly competitive business world, customers are ever more demanding. • To survive and stand out from the competition, you need an edge. • Innovation can provide that edge, driving higher levels of productivity, growth and profitability. What’s more, innovation may be easier than you think... Innovation for every business > PAGE 2
  3. 3. WHAT IS INNOVATION? • The term “innovation” has become so common it’s almost lost its meaning. • Many entrepreneurs think of innovation as an abstract concept that doesn’t apply to their business. Innovation for every business > PAGE 3
  4. 4. WHAT IS INNOVATION? INVENTION: INNOVATION IS OFTEN EQUATED WITH INVENTION • The creation of something that didn’t exist before; • Extensive work by an R&D department; • A high-tech product; • Backing by venture capital. However, innovation is accessible to every business. Innovation for every business > PAGE 4
  5. 5. INNOVATION SHOULD ABOVE ALL BE A MINDSET It’s about: • continuously improving products and services; • implementing better processes; and • finding new ways of reaching markets. Yes, innovation can be the next big technological breakthrough. But it can also be constant, incremental changes that bring continuous improvement and growth. And that means innovation is for every business, including yours. Innovation for every business > PAGE 5
  6. 6. INNOVATION CAN BE SIMPLE Sometimes, ingeniously small improvements can trigger major growth. JUST LOOK AT THESE INNOVATIONS: • The drive-through: serving customers better and boosting kitchen productivity. • The stacked freight train: a doubling of capacity. Innovation for every business > PAGE 6
  7. 7. A RECIPE FOR INNOVATION SO, HOW CAN YOUR COMPANY ADOPT A MORE INNOVATIVE MINDSET? Put innovation at the centre of your business strategy. Involve employees and other stakeholders. Listen to your customers. Invest in R&D, IT and new equipment. Keep up with trends. Focus on continuous improvement. Enlist the help of governments, universities and other institutions. Innovation for every business > PAGE 7
  8. 8. PUT INNOVATION AT THE CENTRE OF YOUR STRATEGY • Work with your team to develop a comprehensive innovation strategy as part of a larger strategic plan. • Seek improvements throughout your business: products, services, processes, marketing, supply chain, etc. • Continually update your strategy to account for changing market conditions, new objectives, etc. Innovation for every business > PAGE 8
  9. 9. INVOLVE EMPLOYEES AND OTHER STAKEHOLDERS • Employees, suppliers and other stakeholders are well positioned to help you innovate. • To find ideas, tap their expertise and understanding of your business, industry and, especially, your customers. Innovation for every business > PAGE 9
  10. 10. LISTEN TO YOUR CUSTOMERS • Customer feedback is valuable intelligence for improving products and services. • Collect and analyze customer comments and complaints made to staff and online. • Organize focus group and test sessions with customers to assess new ideas. • Use inexpensive online survey tools and social media to solicit feedback. • But remember: customers often don’t know what they want until they see it. Innovation for every business > PAGE 10
  11. 11. INVEST IN R&D, IT AND NEW EQUIPMENT • Invest in assets that improve your competitiveness. • Information and communications technology can rapidly boost employee productivity and your capacity to innovate. Innovation for every business > PAGE 11
  12. 12. KEEP UP WITH TRENDS • Study and read about innovation, change and creativity. • Continually monitor emerging trends and opportunities in your industry (especially in other parts of the world) by attending meetings, conferences and trade shows. • Make an effort to talk to customers frequently. Innovation for every business > PAGE 12
  13. 13. FOCUS ON CONTINUOUS IMPROVEMENTS • Don’t focus on finding a magic breakthrough. • Instead, concentrate on making continuous, incremental improvements across your company. Innovation for every business > PAGE 13
  14. 14. ENLIST THE HELP OF GOVERNEMENT AND UNIVERSITIES • Apply for provincial and federal tax credits available to companies conducting R&D. • Use Canada Business, a portal with innovation-related advice and tools. • Contact National Research Council Canada, which offers financing and mentoring to help companies grow through technology. • Partner with universities using programs such as those organized by the Natural Sciences and Engineering Research Council of Canada. Innovation for every business > PAGE 14
  15. 15. INNOVATION IS AN OPPORTUNITY TO GROW • By following these simple steps, you’ll create a more innovative business. • And when innovation is at the heart of your business, productivity, growth and profits will follow. Innovation for every business > PAGE 15 Business transitions: planning your succession > PAGE 15
  16. 16. FOR MORE ADVICE, GO TO BDC.CA /GROWTHCHALLENGES
  17. 17. BDC IS THE ONLY BANK DEDICATED EXCLUSIVELY TO ENTREPRENEURS. FINANCING | CONSULTING BDC.CA/GROWTHCHALLENGES

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