8 Reasons Why SMEs and Entrepreneurs Need To Innovate

I was honored to participate as a mentor and master of ceremonies at the first Startup Weekend Dubai. I met many entrepreneurs there, all of them with energy, enthusiasm and an idea for starting a business. Most of the ideas were innovative, or could be with a little work.

My experience in the technology sector has shown that innovation is a driving factor for many tech-based startups. In other areas that attract SMEs – service industries, handmade goods, small scale manufacturing, etc. – innovation is usually less common, according to a report in Innovation Excellence.

Why don’t SMEs and entrepreneurs naturally adopt an innovative mindset? For one, innovation is often associated with expensive and large-scale projects (especially in the Middle East). It’s also thought of as R&D (Research and Development), which many small businesses don’t have the resources to undertake. Then there’s also the fact that many entrepreneurs simply want to be their own boss – they latch onto the first idea that intrigues them, or they do what they know or simply enter the family business.  >>More here

SOURCE:  innovationexcellence.com