This paper explores the determinants of innovation in small businesses from a survey covering fifty self-employed people in and around Madurai in India. Self-employed people running businesses with and without employees were included in the study and the types of innovation were differentiated. The business units selected were classified as small scale enterprises owing to their investment and capital structure. Though the units considered for the study are suppliers catering the needs of other industrial units their involvement in innovation practices and its impact is studied. The Education of the people running the business is considered as a vital factor as it has impact on the innovation practices and management style. The purpose of this study was to find out the major constraints in running small and Medium Scale Enterprises pertaining to innovation practice. The methodology adopted in this study was a random sampling of 50 self-employed people. The findings of the study indicated that the major barriers to implement innovation in small and medium scale enterprises are lack of infrastructure, financial deficiency, technical and professional constraints, and uncertainty regarding return on investment, inexperience and lack of awareness and need to practice innovation. The limitation of the study is that the sample size of small and medium scale enterprises selected was small to generalize the results.
Research Paper titled “Innovation through Intrapreneurship – A Management’s Perspective” on how manager's can foster an environment of innovation & spirit of startups in an Enterprise.
Building Sustainable Indian Multinationals - Agenda for Action -- Regional Wi...Sharon D'Costa
Regional Winner, All-India Management Association (AIMA) National Competition for Management Students, 2011.
The topic given was 'Building Sustainable Indian Multinationals - Agenda for Action'. The focus of our paper was on Innovation along with Kaizen (Continuous Improvement). We competed against B-schools from all over the West of India and won.
Chief Financial Officers should care about Information Worker Productivity because it represents a key area of sub-optimal performance in organizations today and is set to be a rich source of competitive advantage tomorrow. The pathway to achieving substantially higher information worker productivity can only be achieved by tackling the inhibiting factors that exist within the office environment today. It calls for a rethink in many areas; organizational role, design, management behaviours, computing systems and a re-evaluation of the role humans play in the fulfilment of business processes.
Research Paper titled “Innovation through Intrapreneurship – A Management’s Perspective” on how manager's can foster an environment of innovation & spirit of startups in an Enterprise.
Building Sustainable Indian Multinationals - Agenda for Action -- Regional Wi...Sharon D'Costa
Regional Winner, All-India Management Association (AIMA) National Competition for Management Students, 2011.
The topic given was 'Building Sustainable Indian Multinationals - Agenda for Action'. The focus of our paper was on Innovation along with Kaizen (Continuous Improvement). We competed against B-schools from all over the West of India and won.
Chief Financial Officers should care about Information Worker Productivity because it represents a key area of sub-optimal performance in organizations today and is set to be a rich source of competitive advantage tomorrow. The pathway to achieving substantially higher information worker productivity can only be achieved by tackling the inhibiting factors that exist within the office environment today. It calls for a rethink in many areas; organizational role, design, management behaviours, computing systems and a re-evaluation of the role humans play in the fulfilment of business processes.
Leveraging Design Thinking for Value Enhancement of Digital Transformation Innomantra
EXECUTIVE SUMMARY
Digital Transformation has been making waves and has found widespread recognition in most industries. What started as a driver of marginal efficiency is now rapidly shifting to become an enabler of fundamental innovation and disruption within an organization. The scope and scale of digital-driven change continue to grow immensely. However, organizations are still grappling with the nuances of the journey of digital transformation implementation, its implications or its impact. Digital transformation is not about adopting technologies but having an integrated approach involving people and leadership.
This white paper presents the context of digital transformation in manufacturing organizations. It redefines the process to incorporate important aspects such as breaking the silos, rescoping the challenge/ objectives, having an iterative approach and using design thinking to better understand the value implication of such an exercise. Case studies from clients have been used to illustrate the same.
Keywords: Design Thinking, Industry 4.0, Manufacturing industries, Smart factory, Value Assessment, Digital Transformation, Value Implementation
The Effectiveness of Virtual R&D Teams in SMEs: Experiences of Malaysian SMEsNader Ale Ebrahim
The number of small and medium enterprises (SMEs), especially those involved with research and development (R&D) programs and employed virtual teams to create the greatest competitive advantage from limited labor are increasing. Global and localized virtual R&D teams are believed to have high potential for the growth of SMEs. Due to the fast-growing complexity of new products coupled with new emerging opportunities of virtual teams, a collaborative approach is believed to be the future trend. This research explores the effectiveness of virtuality in SMEs’ virtual R&D teams. Online questionnaires were emailed to Malaysian manufacturing SMEs and 74 usable questionnaires were received, representing a 20.8 percent return rate. In order to avoid biases which may result from pre-suggested answers, a series of open-ended questions were retrieved from the experts. This study was focused on analyzing an open-ended question, whereby four main themes were extracted from the experts’ recommendations regarding the effectiveness of virtual teams for the growth and performance of SMEs. The findings of this study would be useful to product design managers of SMEs in order to realize the key advantages and significance of virtual R&D teams during the new product development (NPD) process. This in turn, leads to increased effectiveness in new product development's procedure.
Innovating in Good Times & in Bad: Best Practices in Innovationfuturethink
In the current economic climate, the discipline of innovation is taking a different form. Leading organizations recognize the importance of investing in their future to be in a stronger competitive position in a post-economic crisis world. But what exactly are companies doing to stay ahead of the curve and how are they building their innovation programs to accomplish this?
When Vineet Nayar took the helm of HCL Technologies in 2005, the company’s legacy of success was threatened by global shifts in the IT services market that left HCLT struggling to keep up with its bigger rivals. Five years later, the company had become one of the fastest-growing IT services partners on the planet, world-renowned for its radical management practices. In fact, its bold management experiments enabled it to enjoy continued rapid growth through the economic recession.
What did HCLT do to effect such a transformation? As Vineet Nayar describes in this refreshing book – EMPLOYEES FIRST, CUSTOMER SECOND: Turning Conventional Management Upside Down – HCLT’s success resulted from putting employees first, especially those working in the “value zone” where company and customer interact. To do so, they did not institute any employee satisfaction programs, undertake any massive restructurings, or pursue any major technology initiatives. Instead, they employed a number of relatively simple catalysts that produced big (and often unexpected) results and proceeded through four phases:
Mirror Mirror: Nayar traveled around the world, bluntly speaking the truth about the company’s situation to employees and getting them to turn their eyes away from the past and toward a better future.
Trust Through Transparency: A culture of trust was created by opening the financial books, sharing information that would make other companies cringe, and enabling employees and managers (including the CEO) to ask questions of each other.
Inverting the Pyramid: The company redefined processes to make the enabling functions and company management accountable to employees – with resulting improvement in both their effectiveness and their passion for their work.
Recasting the Role of the CEO: Nayar sought to transform the company into a self-governing organization by transferring the responsibility for change from the office of the CEO to the employees in the “value zone”.
Nayar admits that he didn’t have a clue where he was headed when he started on this journey, and he candidly describes leadership missteps he made along the way. These concepts only became clear to him after the transformation, but he argues that many of these ideas and practices – which Fortune magazine has characterized as “the world’s most modern management” – can be successfully adopted by any company in any industry anywhere in the world, with similar results.
OD is an effort, planned, organisation-wide, and managed from the top to increases organisation effectiveness and health through planned intervention in the organization’s process, using behavioral-science knowledge.
Does Knowledge Sharing Not Make Effect To Innovation Capabilitiesinventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
I conducted a workshop on intrapreneurship for IEEE in Bangalore, 28-29 July. In the larger interest of the practitioners and learners, I decided to share the workshop deck. Hope you find it useful in your work!
Leveraging Design Thinking for Value Enhancement of Digital Transformation Innomantra
EXECUTIVE SUMMARY
Digital Transformation has been making waves and has found widespread recognition in most industries. What started as a driver of marginal efficiency is now rapidly shifting to become an enabler of fundamental innovation and disruption within an organization. The scope and scale of digital-driven change continue to grow immensely. However, organizations are still grappling with the nuances of the journey of digital transformation implementation, its implications or its impact. Digital transformation is not about adopting technologies but having an integrated approach involving people and leadership.
This white paper presents the context of digital transformation in manufacturing organizations. It redefines the process to incorporate important aspects such as breaking the silos, rescoping the challenge/ objectives, having an iterative approach and using design thinking to better understand the value implication of such an exercise. Case studies from clients have been used to illustrate the same.
Keywords: Design Thinking, Industry 4.0, Manufacturing industries, Smart factory, Value Assessment, Digital Transformation, Value Implementation
The Effectiveness of Virtual R&D Teams in SMEs: Experiences of Malaysian SMEsNader Ale Ebrahim
The number of small and medium enterprises (SMEs), especially those involved with research and development (R&D) programs and employed virtual teams to create the greatest competitive advantage from limited labor are increasing. Global and localized virtual R&D teams are believed to have high potential for the growth of SMEs. Due to the fast-growing complexity of new products coupled with new emerging opportunities of virtual teams, a collaborative approach is believed to be the future trend. This research explores the effectiveness of virtuality in SMEs’ virtual R&D teams. Online questionnaires were emailed to Malaysian manufacturing SMEs and 74 usable questionnaires were received, representing a 20.8 percent return rate. In order to avoid biases which may result from pre-suggested answers, a series of open-ended questions were retrieved from the experts. This study was focused on analyzing an open-ended question, whereby four main themes were extracted from the experts’ recommendations regarding the effectiveness of virtual teams for the growth and performance of SMEs. The findings of this study would be useful to product design managers of SMEs in order to realize the key advantages and significance of virtual R&D teams during the new product development (NPD) process. This in turn, leads to increased effectiveness in new product development's procedure.
Innovating in Good Times & in Bad: Best Practices in Innovationfuturethink
In the current economic climate, the discipline of innovation is taking a different form. Leading organizations recognize the importance of investing in their future to be in a stronger competitive position in a post-economic crisis world. But what exactly are companies doing to stay ahead of the curve and how are they building their innovation programs to accomplish this?
When Vineet Nayar took the helm of HCL Technologies in 2005, the company’s legacy of success was threatened by global shifts in the IT services market that left HCLT struggling to keep up with its bigger rivals. Five years later, the company had become one of the fastest-growing IT services partners on the planet, world-renowned for its radical management practices. In fact, its bold management experiments enabled it to enjoy continued rapid growth through the economic recession.
What did HCLT do to effect such a transformation? As Vineet Nayar describes in this refreshing book – EMPLOYEES FIRST, CUSTOMER SECOND: Turning Conventional Management Upside Down – HCLT’s success resulted from putting employees first, especially those working in the “value zone” where company and customer interact. To do so, they did not institute any employee satisfaction programs, undertake any massive restructurings, or pursue any major technology initiatives. Instead, they employed a number of relatively simple catalysts that produced big (and often unexpected) results and proceeded through four phases:
Mirror Mirror: Nayar traveled around the world, bluntly speaking the truth about the company’s situation to employees and getting them to turn their eyes away from the past and toward a better future.
Trust Through Transparency: A culture of trust was created by opening the financial books, sharing information that would make other companies cringe, and enabling employees and managers (including the CEO) to ask questions of each other.
Inverting the Pyramid: The company redefined processes to make the enabling functions and company management accountable to employees – with resulting improvement in both their effectiveness and their passion for their work.
Recasting the Role of the CEO: Nayar sought to transform the company into a self-governing organization by transferring the responsibility for change from the office of the CEO to the employees in the “value zone”.
Nayar admits that he didn’t have a clue where he was headed when he started on this journey, and he candidly describes leadership missteps he made along the way. These concepts only became clear to him after the transformation, but he argues that many of these ideas and practices – which Fortune magazine has characterized as “the world’s most modern management” – can be successfully adopted by any company in any industry anywhere in the world, with similar results.
OD is an effort, planned, organisation-wide, and managed from the top to increases organisation effectiveness and health through planned intervention in the organization’s process, using behavioral-science knowledge.
Does Knowledge Sharing Not Make Effect To Innovation Capabilitiesinventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
I conducted a workshop on intrapreneurship for IEEE in Bangalore, 28-29 July. In the larger interest of the practitioners and learners, I decided to share the workshop deck. Hope you find it useful in your work!
A minimum of 100 words each question and References (IF NEEDED)(Re.docxsleeperharwell
A minimum of 100 words each question and References (IF NEEDED)(Response #1 – 6) KEEP RESPONSE WITH ANSWER
Make sure the Responses includes the Following: (a) an understanding of the weekly content as supported by a scholarly resource, (b) the provision of a probing question. (c) stay on topic
1) Innovation plays a large part when it pertains to nations, leaders and individual employees, and companies. Many factors come into play such as research and development spending, manufacturing capability, and concentration of high-tech public companies (Jamrisko, 2019).
South Korea is currently ranked as the world’s most innovative country (Jamrisko, 2019). It is imperative for a country to be innovative to support their population. Being innovative as a country allows for better control and planning for its future (Nicholas, 2015). This is important when looking at future budget planning and educational improvements throughout their population (Jamrisko, 2019).
Being innovative can be considered a requirement to be successful when it pertains to being competitive amongst other companies and organizations. As our textbook states, General Motors has spent more on R&D than any other company in the world (Gibson & Skarzynski, 2008). Utilizing innovation as a tool in their company allowed them to be ranked as the world’s third largest automaker (Schmitt, 2017). Repetitiveness in the workplace has the potential of demotivating employees, therefore negatively effecting production. Having leaders that can stimulate their employees by providing innovative ideas can help in maintaining the employment of employees, and improving their productivity. Employees that apply innovation in the workplace allows them to stand out amongst their peers. Showing innovation and a will to improve their organization sets not only themselves, but also the organization up for success.
2) Innovation is the leading way to stay ahead in the modern world that is constantly in a fast pace forward movement. The following definition has been used by businessdictionary.com
The process of translating an idea or invention into a good or service that creates value or for which customers will pay.To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products. In business, innovation often results when ideas are applied by the company in order to further satisfy the needs and expectations of the customers. For an employee the use of innovation can bring a task into simpler form of completing the task, this can also be an open door for someone who has a skill set to see things in a new light and who has an innovated mind that could possibly change things i.
[HATCH! REVIEW] Studying the demand of Start-ups for Supporting Activities in...HATCH! PROGRAM
[HATCH! REVIEW]
Studying the demand of Start-ups for Supporting Activities in Vietnam.
Recently, the ICT entrepreneurial scene in Vietnam has become more inclusive. This is definitely good for the economy with more dynamic and innovative companies contributing to the economy. However, the survival rates of them are low comparing to other countries in the region such as Singapore and Thailand. There are a lot of reasons causing the differences among survival rate of startup in different countries. One of the decisive reasons is the impact of supporting services to the establishment and long-term development of startups.
Researchers:
Dat Le Viet - Co-founder, HATCH! PROGRAM
Nguyen Quang Huy - Research Analyst Intern, IDG Ventures Vietnam
There is a historic parallel for the current limited success of business process advancement. The first wide-scale introductions of IT in the business place focused on the improvement of isolated parts of business operations, for example the generation of invoices. Productivity increased locally, but generally the overall effect was small. Only during the 80s and 90s, companies started to see the benefits of considering entire business processes when implementing information systems, and as a result, huge gains were achieved.
Today, it seems, companies are at the start of this same loop again. Once again, the view on the entire process is missing, which prevents the new technology to become truly effective.
This paper puts the emphasis on the Business Process Reengineering. It addresses guidelines to redesign business processes. The purpose of the redesign is to meet business partners' expectations, while improving the performance of the redesign. The specific business area under consideration is the Attendance Management of the Jinasena Group of Company. We will present some support for this redesign in this paper.
The structure of this paper is as follows. First, in Section 2 and 3, we take a brief introduction to the company. In Section 4, we present our analysis of identifying a critical process to be re-engineered. And also the importance of the redesign will be stated clearly. Section 5 is pretty much important as it explains problems in current process, opportunities and issues of redesigning the process.
Section 6 to 9 state the modeling of the current process, modeling of the re-engineered process and the way new design will interact with customers. There onwards this paper discusses the potential changes to the Organizational Structure, Job Skills/Reward systems, Information Technologies and Organization culture, values and beliefs.
Model of Innovation for Organizations in the IT Software Services IndustryR Systems International
Managing innovation in IT Service organizations is extremely challenging. This can be attributed to emergent complexities, diverse nature of projects, speed of obsolescence and changing expectations of global customers, amongst others. A very effective way to manage innovation in Service organizations is to split the complexity into People, Processes, and Technological dimensions.
The objectives of this analytical report are:
• Industry analysis of entrepreneurship ecosystem of Philadelphia region and great Sydney region
• Utilize Porter’s 5 forces analytical tool to analysis the 5 forces of entrepreneurship ecosystem accelerator/incubator business in great Sydney region.
• Provide constructive recommendation to UTS management team of how to utilize university strengths and take initiative to lead innovation and support entrepreneurship ecosystem in great Sydney region as what Temple University did in Philadelphia.
The Socio-Economic Characteristics and the Challenges of Innovation Faced By ...iosrjce
Even though innovation is deemed to be a solution to the many challenges that hinder growth of
firms, it is believed that it can enhance business growth but it is not clear whether innovation by itself can lead
to business growth among the SMEs due to the challenges they face. The main purpose of the study was to
investigate the effect of innovation on growth of medium-sized businesses. Based on the study, this paper
describes the socio-economic characteristics of entrepreneurs and the challenges they face in trying to innovate
towards improving the performance of their firms in Eldoret Kenya. The study adopted a descriptive case study
design on a sample of 169 respondents from Doinyo Lessos Creameries in Uasin Gishu County. Response was
received from 161 participants who accounted for 95%. Purposive sampling technique was used to identify the
area of study; stratified and simple random sampling techniques were used to select the respondents from the
target population. Questionnaire and interview schedule were the main instruments of data collection.
Qualitative data was analyzed descriptively in form of frequency counts, percentages and measures of central
tendency. Some of the challenges include lack of formal innovation policy; inadequate budgetary allocation to
innovation; employees not fully motivated to spur innovation; large companies in the dairy industry had
invested in more research hence developed most of the ideas originating from Doinyo Lessos Creameries, and
that some of the new products do not attract a substantial and economic viable market. It was recommended
that the government needs to provide more training to SMEs to ensure innovative ideas are enhanced and
patented for maximum benefit to the Firms.
Productivity Improvement of a Laboratory Equipment Manufacturing Company thro...akshay hebbar
The Small Scale Industrial sector plays a significant role in the industrial development of any country. Especially in India It has emerged as powerful tool in providing relatively larger employment next to agriculture. Global Markets are continuously changing and demanding product of high quality and low cost. In India, the survival and growth of small scale industry largely depends on its ability to innovate, improve operational efficiency and increase productivity. The importance of the Small Scale Industrial Sector is well recognized world over for its significant contribution in various fields like socioeconomic objectives, thereby creating a higher growth of employment, promotion of exports, output and encouraging youngsters to take up entrepreneurship. To maintain business arena in Small Scale Industries it is of most important to win hearts of customer by delivering products according to the requirement of the customer, quality, time and cost of the product of service. To achieve this Small Scale Industries should have sustainable production with continuous improvement. The Aim of this project is to minimize the inventory, optimize the rate of production and maintenance scheduling for the Tech-Ed Equipment Company. Using the concepts of ERP, inventory classification scheduling, Likert scale to minimize the company’s problems in the area of purchase, production and service. The main purpose of this project is to bring lean concepts in small scale industries in India, where industries are working on very old and obsolete techniques of manufacturing and there is no any working culture available and even they are not thinking to develop it.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
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Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
An introduction to the cryptocurrency investment platform Binance Savings.Any kyc Account
Learn how to use Binance Savings to expand your bitcoin holdings. Discover how to maximize your earnings on one of the most reliable cryptocurrency exchange platforms, as well as how to earn interest on your cryptocurrency holdings and the various savings choices available.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
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LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
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Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Innovation Practices of Small and Medium Scale Enterprises in Madurai Region, India - A Case Study
1. Business, Management and Economics
Research
ISSN: 2412-1770
Vol. 1, No. 1, pp: 1-5, 2015
URL: http://arpgweb.com/?ic=journal&journal=8&info=aims
1
Academic Research Publishing Group
Innovation Practices of Small and Medium Scale Enterprises in
Madurai Region, India - A Case Study
B. Nagaraja Ganesh Department of Mechanical Engineering, Madurai Institute of Engineering and Technology,
Sivagangai District, Tamilnadu, India
Contents
1. Introduction................................................................................................................................2
2. Innovation and Creativity.........................................................................................................2
3. Nature and Characteristics of Small and Medium Scale Enterprises ..................................2
3.1. Personal Character ....................................................................................................................2
3.2. Flexibility..................................................................................................................................2
3.3. Labor Intensive .........................................................................................................................2
3.4. Local Area of Operation ...........................................................................................................2
3.5. Short Gestation period ..............................................................................................................3
4. Materials and Methods..............................................................................................................3
4.1. Elements Considered in the Study...........................................................................................3
4.1.1. Idea about Innovation ............................................................................................................3
4.1.2. Concern’s Support to Innovation Activity.............................................................................3
4.1.3. Management Style in Continuous Improvement ...................................................................3
4.1.4. Strength of a Concern ............................................................................................................3
4.1.5. Traits of the People................................................................................................................4
4.1.6. Experience..............................................................................................................................4
5. Results and Discussion...............................................................................................................5
5.1. Idea and Practice about Innovation...........................................................................................5
5.2. Concern’s Support to Innovation Activity................................................................................5
5.3. Methods Followed for Continuous Improvement.....................................................................5
Abstract: This paper explores the determinants of innovation in small businesses from a survey covering fifty
self-employed people in and around Madurai in India. Self-employed people running businesses with and
without employees were included in the study and the types of innovation were differentiated. The business
units selected were classified as small scale enterprises owing to their investment and capital structure. Though
the units considered for the study are suppliers catering the needs of other industrial units their involvement in
innovation practices and its impact is studied. The Education of the people running the business is considered as
a vital factor as it has impact on the innovation practices and management style. The purpose of this study was
to find out the major constraints in running small and Medium Scale Enterprises pertaining to innovation
practice. The methodology adopted in this study was a random sampling of 50 self-employed people. The
findings of the study indicated that the major barriers to implement innovation in small and medium scale
enterprises are lack of infrastructure, financial deficiency, technical and professional constraints, and
uncertainty regarding return on investment, inexperience and lack of awareness and need to practice innovation.
The limitation of the study is that the sample size of small and medium scale enterprises selected was small to
generalize the results.
Keywords: Innovation; Small business enterprises, Experience, Chi square, Percentage analysis.
2. Business, Management and Economics Research, 2015, 1(1): 1-5
2
5.4. Important Organizational Strength ...........................................................................................5
5.5. Traits that Influence Innovation................................................................................................5
5.6 Experience and Innovation ........................................................................................................5
6. Conclusion ..................................................................................................................................5
References.......................................................................................................................................5
1. Introduction
Innovation, the next step of creativity is the boon to economic development in today’s industrial and business
scenario. Though the concepts innovation and creativity look similar they are different. Creativity means generation
of new ideas and innovation means the translation of a new idea into a company or a new product or a service. The
main need of innovation is to face challenges of globalization and liberalization. A company that focuses on
innovation fosters towards consistent growth. A company that does not involve in innovation cannot remain in
business on the longer run. Innovation is a company wide culture and everyone should be involved in this culture
and top management must encourage and provide a climate for the people to involve in activities that develop
innovation. The present day knowledge economy demands knowledge intensive companies which can only survive
in the stiff and intense market competition. As knowledge resides only in the human mind it can only be harnessed
by focusing on increasing human capabilities through the process of increased communication, co-operation and
linkages both within the enterprise as well as across enterprises and knowledge producing organizations. Innovation
networks, establishment characteristics and the regional environment are likely to play different roles in product
innovation in enterprises of different size (Charlie and Ola, 1998). In industries, where innovative activity and
especially the innovative activity of small firms, plays an important role, the likelihood of new entrants surviving
over a decade is lower than in industries where innovative activity is less important. At the same time, those entrants
those are able to survive exhibit higher growth rates (Audretsch, 1995).The present world of globalization is
characterized by rapid changes and increased complexity, uncertainty and competition. It is indispensable for
organizations to adapt in their external environment and to remain competitive. Adaptability and competitiveness is
intimately related with their creativity and capacity to innovate (Varies and Littunen, 2010).
2. Innovation and Creativity
Creativity is the use of mental ability for developing a new thought or concept. It can also be said as a thinking
process that solves the problem in a useful and innovative way. Innovation, in Stephen and Timothy (2007) opinion,
is the process of applying creative idea and changing it to product, services and new ways of operations Stephen and
Timothy (2007). Koontz and Heinz (2004) believes that innovation can be a new product, a new service, or a new
solution for doing something (job) (Koontz and Heinz, 2004). Many studies have investigated the determinants of
product innovation in small firms, suggesting product, firm, market and innovation process factors are its key drivers
of success (Jeroen and Patrick, 2006).
3. Nature and Characteristics of Small and Medium Scale Enterprises
Small Scale industries have certain unique features, which distinguish it from the large-scale sector. Small and
Medium-Sized Enterprises face tremendous challenges in their attempt to pursue technological innovations. Some of
the salient characteristics of small-scale business are given below.
3.1. Personal Character
In most of the small businesses, the owners themselves are the managers and so they can operate independently.
They can give customized output to their clients.
3.2. Flexibility
Since most of the small-scale are run by individuals, they do not have to go through a hierarchy to get
permissions to make changes. Small businesses can respond quickly to environmental needs than large business
which involve many people.
3.3. Labor Intensive
Small businesses have tremendous capacity for employment generation through their labor intensive
techniques. Small businesses actually create more jobs than big businesses. This feature of a small scale unit is of
great significance in a country like India where human resource is easily available.
3.4. Local Area of Operation
Small businesses are largely local in operation however the markets for its products may be local, regional or
even international.
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3.5. Short Gestation period
The capital investment in the small sector is generally low and the time taken for the production to commence
is also less. As a result of short gestation period the units give quick returns and the pace of economic development
quickens. An interesting research result is also that customer market intelligence influences product innovation
positively or negatively, depending on whether the innovativeness of the owner in the new product domain is weak
or strong.
4. Materials and Methods
The small and medium scale enterprises located in and around Madurai, India were considered for the study.
The units considered for the study are suppliers catering the needs of other small and medium scale industrial units.
A total of 50 Self-employed people running businesses with and without employees were included in the study and
their determinants of innovation were studied. Percentage analysis, Chi square tests were the statistical tools used in
the study. Data were collected by direct interaction from the respondents using a questionnaire. A five point Likert’s
scale is used to find the innovation practices in the small and medium scale units.
4.1. Elements Considered in the Study
When the innovation practices are given an important thrust in today’s industrial scene only some elements are
considered as major areas which define the future of the organization and its growth (Nagaraja Ganesh, 2013). They
are explained below.
4.1.1. Idea about Innovation
The types of innovation such as product, process, additive and breakthrough innovation were taken and their
practices in various small scale units were analyzed. The data received from the respondents are tabulated in the
following table.
Table-1.Types of Innovation Vs Innovation Practice
Types of Innovation Very High High Moderate Low Very Low
Product Innovation 0 7 34 9 0
Process Innovation 0 32 15 3 0
Additive Innovation 0 28 20 2 0
Breakthrough 0 4 10 36 0
4.1.2. Concern’s Support to Innovation Activity
Company policy, R&D investment, Organization structure and reward to the employee contribution were taken
in the study of this element.
Table-2.Support from Concern Vs Innovation Practice
Support From Concern Very High High Moderate Low Very Low
Company Policy 0 28 18 4 0
R&D Investment 0 8 25 17 0
Organization Structure 0 32 15 3 0
Reward to Employee Contribution 0 16 33 1 0
4.1.3. Management Style in Continuous Improvement
Quality Circle, Suggestion system, Brain storming techniques were considered as the major methods of practice
by a company in involving innovation practice.
Table-3.Continuous Improvement Methods Vs Innovation Practice
Methods Of Improvement Very High High Moderate Low Very Low
Quality Circle 37 10 3 0 0
Suggestion System 13 28 9 0 0
Brain Storming 0 14 32 4 0
4.1.4. Strength of a Concern
When the strength of a company is taken into account Technology, Labor, Material, Finance, Management
principle, Progress and Productivity were selected.
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Table-4.Organizational Strength Vs Innovation Practice
Organizational Strength Very High High Moderate Low Very Low
Technology 0 18 23 9 0
Labor 0 31 14 5 0
Material 0 32 16 2 0
Finance 0 9 29 12 0
Management Principle 0 35 12 3 0
Progress 0 12 32 6 0
Productivity 0 36 12 2 0
4.1.5. Traits of the People
Optimism, Day dreaming, Curiosity Observance, Action oriented, Making things happen, Experience, Willing
to take risks was considered.
Table-5.Traits of Human Vs Innovation Practice
Traits of Human Very High High Moderate Low Very Low
Optimistic 0 23 25 2 0
Day Dreaming 0 3 30 15 0
Curiosity & Observance 5 32 10 3 0
Action Oriented and Making things Happen 0 37 13 0 0
Willing to take risks 0 19 29 2 0
Experience 0 32 14 4 0
4.1.6. Experience
The experience of the people in practicing innovation is considered. This shows how the interest of the people to
practice innovation is coupled with their experience. Chi-square is a statistical test commonly used to compare
observed data with data we would expect to obtain according to a specific hypothesis.
Table-6.Experience Vs Innovation
Experience in
Years
Respondents who
practice Innovation
Respondents who do not
practice Innovation
Total
Greater than 15 5 3 8
5-15 19 11 30
Less than 5 8 4 12
Total 32 18 50
Null Hypothesis H0: Experience and Innovation are independent
Alternate Hypothesis H1: Experience and Innovation are dependent
Table-7.Expected Frequency Table
Experience in Years Respondents who
practice Innovation
Respondents who do not
practice Innovation
Total
Greater than 15 (32 x 8) / 50 = 5 ( 18 x 8 ) / 50 = 3 8
5-15 (32 x 30) / 50 = 19 (18 x 30) / 50 = 11 30
Less than 5 (32 x 12) / 50 = 8 ( 18 x 12) / 50 = 4 12
Total 32 18 50
Observed Frequency
O
Expected Frequency
E
( O – E)2 ( O – E)2 / E
3 5 4 0.8
22 19 9 0.5
7 8 1 0.125
5 3 4 1.33
8 9 11 0.82
5 4 1 0.25
Total 3.825
Here n = 3.
(n - 1) = 2. For degrees of freedom = 2, and at 5% level of significance the table value is 5.991
Calculated value = 3.825. The calculated value is less than the table value i.e. 3.325 < 5.991.
So Null Hypothesis is accepted. So Experience and Innovation activity are independent.
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5. Results and Discussion
The findings based on the response obtained from the questionnaire regarding the elements which define the
future of the organization and its growth is given below.
5.1. Idea and Practice about Innovation
68% of the respondents practice product innovation moderately. Additive innovation is practiced in a high level
by 56%. Process innovation is also practiced to a high level by 64% of the respondents and breakthrough innovation
is the least practiced.
5.2. Concern’s Support to Innovation Activity
Company policy, Organization structure, supports innovation activity to a high level whereas the reward to the
employee in supporting innovation is low. The owner's innovativeness has a positive influence on market
orientation, innovation, and performance (Verhees and Meulenberg).
5.3. Methods Followed for Continuous Improvement
Quality circle is being followed by 94% of the respondents to a high level and 82% of the respondents follow
suggestion system to a high level. Brain storming is followed by fewer respondents.
5.4. Important Organizational Strength
Respondents consider labour, material, management principle, productivity, as important organizational
strengths. At the same time, they consider that they lack in technology and finance. Small and Medium-Sized
Enterprises face tremendous challenges in their attempt to pursue technological innovations (Devi and Byung-Jin,
2009).
5.5. Traits that Influence Innovation
High percentage of the respondents consider Optimism , Action oriented and making things happen , curiosity
and observance and willingness to take risks influences innovation. Day dreaming does not foster innovation. The
phenomenon of co-opetition, that is, simultaneous cooperation and competition between firms, has become
increasingly popular in recent years (Gnyawali et al., 2006).
5.6 Experience and Innovation
Experience and Innovation are totally independent. Irrespective of Experience people practice innovation.
6. Conclusion
Product innovation needs more technology and financial strength so process innovation which is easier and
more promising can be practiced well. Also additive innovation will be easier for small and medium scale enterprises
to carry out when comparing it with breakthrough innovation. Employee rewards are too low. The attitude of the
employers should have a change so that the employees are motivated and their involvement can be made higher in
innovation. Suggestion system can be made still more effective in fostering continuous improvements leading to job
satisfaction and morale. Finance is considered as a major drawback for small and medium scale enterprises.
Financial institutions and technical consultancy organizations can aid companies in providing finance and necessary
technical leadthroughs respectively to practice innovation. Periodic training measures can be implemented to
employees so that their efficiency may be enhanced. The experience and the innovation activity are independent
which shows people’s optimism, curiosity and willingness to take risks is no longer coupled with experience. The
concept of co-opetition should be taught to them so that the firms will be updated enough to face the current
challenges.
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