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Innovation
for every
business
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…
BDC – Innovation for every business 3
What is
innovation?
Many entrepreneurs think
of innovation as an
abstract concept that
doesn’t apply to their
business.
BDC – Innovation for every business 4
Innovation is
often equated
with invention
What is
innovation?
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
Not all businesses invent things.
However, innovation is
accessible to every business.
BDC – Innovation for every business 5
It’s about:
Innovation is above all a mindset
 continuously improving your products and services
 implementing better processes
 finding new ways of reaching markets
Yes, innovation can be a technological breakthrough.
But, it can also be constant, incremental changes that bring
continuous improvement and growth to your business.
And that means innovation is for every business,
including yours.
The stacked freight train:
A doubling
of capacity
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
BDC – Innovation for every business 7
Put innovation at the centre
of your 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 government
and universities
So, how can your company adopt
a more innovative mindset?
A recipe for innovation
BDC – Innovation for every business 8
 Work with your team to develop a comprehensive innovation
strategy as part of a larger strategic plan.
 Seek improvements throughout your business—
your products, services, processes, marketing,
supply chain, etc.
 Continually update your strategy to account for changing
market conditions, new objectives, etc.
Put innovation at the
centre of your strategy
BDC – Innovation for every business 9
 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.
Involve employees
and other stakeholders
BDC – Innovation for every business 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.
BDC – Innovation for every business 11
 Invest in people, research and assets to improve your capacity
to innovate.
 Digital technology can rapidly boost innovation and productivity.
Invest in R&D,
IT and new equipment
BDC – Innovation for every business 12
 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.
Keep up with trends
BDC – Innovation for every business 13
 Don’t focus on finding magic breakthroughs.
 Instead, concentrate on making continuous, incremental
improvements across your company.
Focus on continuous improvement
BDC – Innovation for every business 14
 Apply for provincial and federal tax credits available
to companies conducting R&D.
 Use Canada Business Network, a portal with innovation
information and advice.
 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.
Enlist the help of government
and universities
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.
For more advice, go to
bdc.ca/innovate
bdc.ca | 1-888-INFO-BDC
Thank you.

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Innovation for every business

  • 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…
  • 3. BDC – Innovation for every business 3 What is innovation? Many entrepreneurs think of innovation as an abstract concept that doesn’t apply to their business.
  • 4. BDC – Innovation for every business 4 Innovation is often equated with invention What is innovation? 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 Not all businesses invent things. However, innovation is accessible to every business.
  • 5. BDC – Innovation for every business 5 It’s about: Innovation is above all a mindset  continuously improving your products and services  implementing better processes  finding new ways of reaching markets Yes, innovation can be a technological breakthrough. But, it can also be constant, incremental changes that bring continuous improvement and growth to your business. And that means innovation is for every business, including yours.
  • 6. The stacked freight train: A doubling of capacity 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
  • 7. BDC – Innovation for every business 7 Put innovation at the centre of your 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 government and universities So, how can your company adopt a more innovative mindset? A recipe for innovation
  • 8. BDC – Innovation for every business 8  Work with your team to develop a comprehensive innovation strategy as part of a larger strategic plan.  Seek improvements throughout your business— your products, services, processes, marketing, supply chain, etc.  Continually update your strategy to account for changing market conditions, new objectives, etc. Put innovation at the centre of your strategy
  • 9. BDC – Innovation for every business 9  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. Involve employees and other stakeholders
  • 10. BDC – Innovation for every business 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.
  • 11. BDC – Innovation for every business 11  Invest in people, research and assets to improve your capacity to innovate.  Digital technology can rapidly boost innovation and productivity. Invest in R&D, IT and new equipment
  • 12. BDC – Innovation for every business 12  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. Keep up with trends
  • 13. BDC – Innovation for every business 13  Don’t focus on finding magic breakthroughs.  Instead, concentrate on making continuous, incremental improvements across your company. Focus on continuous improvement
  • 14. BDC – Innovation for every business 14  Apply for provincial and federal tax credits available to companies conducting R&D.  Use Canada Business Network, a portal with innovation information and advice.  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. Enlist the help of government and universities
  • 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.
  • 16. For more advice, go to bdc.ca/innovate