Fortune Magazine each year assesses the companies addressing the biggest challenges. This includes solutions for major economic and social issues, the environment, healthcare, etc.
The list is segmented into Enterprises (> $1B revenue) and SMB (< $1B revenue) organizations with their contributions for the years indicated –
With SMB organizations presence up almost 3X and Enterprise contributions decreasing ~ 1/3 over the 7 year time period, the landscape is changing !
Because Smaller / Medium size Businesses are better at “ Innovating for Impact “ with their –
- 1. More entrepreneurial / opportunistic culture
- 2. More flexible and agile approach to problem solving
- 3. Greater focus and ability to –
- – determine what will have meaningful appeal
- – be strategic in setting and achieving goals
- – select and motivate talent (internal and external)
- – change processes
- – deliver new digital services and value
- 4. Having benefitted more from advances in technology
lllie: AI, ML, BI, Cloud, Big Data, Analytics, using ” new platforms ” , etc.
- 5. Being better at integrating ” Solving Problems ” and ” Generating Revenue “
- 6. Fewer obstacles and more aggressive approach to effecting change
- 7. SMB Executives tend to –
- A. have a greater “ interest in exploring “ and a “ willingness to try “
- B. be more open minded about innovation
- C. engage more in identifying opportunities and effecting change
- D. receive greater rewards when improving outcomes from innovation
What does this mean to your organization ?
If interested in making Business Innovation more rewarding, please contact CAIL.
Feb 28, 2023 CAIL Innovation commentary email@example.com l www.cail.com L 905-940-9000