Adaptive - Innovation

  • futureSME tools for Innovation

  • What is it?

    Innovation is a process that takes ideas and transforms them into something useful. At FutureSME, we believe innovation is a holistic process that involves generating, selecting, developing and implementing ideas. To achieve innovation, your company environment must support the successful management of this innovation process.

    Innovation Process Chart
  • Why is it important?

    Innovation is recognised as a source of sustained competitive advantage, survival and growth. Innovative businesses are generally more profitable than non-innovative ones. Innovation can bring numerous strategic advantages to your business. These include delivering a unique product or service, changing the nature of competition by anticipating the emergence of a new technology, being first to market, or improving on competitor products or services.

  • How do I use it in my business?

    Innovation should be a key part of your organisation. An overview of the process for incorporating innovation into your organisation is outlined here. For more information, click the Recommended Apps link to download the futureSME Innovation Handbook. 

     The steps involved in innovating are:

    Resources Step 1

    Generate Ideas.
    Create an open environment and facilitate creativity sessions.

    Resources Step 2

    Assess Ideas.
    Review all ideas, identify realistic ones and prioritise the ones with the most potential.

    Resources Step 3

    Develop Ideas.
    Determine the risks and rewards of each idea and refine the ideas.

    Resources Step 4

    Implement Ideas.
    Set performance measures and revise your implementation if necessary.

    Resources Step 5

    Continually repeat Steps 1 to 4.