News From Terre Haute, Indiana

Business

November 17, 2013

BUSINESS CENTS: Open doors to drive innovation into business

I recently learned that General Electric built one of the first Research and Development Labs in 1900. Traditionally anything associated with R&D has been highly secretive, but as we continue to develop ideas, concepts, trends, practices and new products it is difficult to keep such devices private and withhold knowledge from consumers. The question then becomes how can a company remain competitive when all innovation in the industry is kept secret? Back in 2003, a book was written regarding opening the doors to innovation, “Open Innovation.” The book defined and coined the term but also provided basic principles necessary to business success.

1. Are You Stuck? If you find yourself stuck or in a business rut, consider sharing information with other parts of your company. Often new ideas are developed because management and leaders encourage employees to take ownership, become empowered and begin sharing ideas across the table. Part of the key is not to be upset for any idea suggested, keeping an open mind during the discovery phase of product and company growth suggestions.

2. Are you branding or developing a platform? For years, decades and maybe even a century you hear the buzz word … branding. What is branding? What is a platform? Consider a moment technology … What is an iPhone without the applications? The iPhone is the platform for the launching of the application. Consider projects you can co-create in order to increase your recognition and market share.

3. What if you have a new idea and are not sure if it will be viable? Ever heard of www.kickstarter.com? The site is a crowd funding site; it will validate your idea and maybe even assist in funding the company, short term at least, until you might be able to locate a venture capitalist. VC’s are used only when the stakes are high and there is a good potential for a rate of return.

4. Finally, open your company up, so to speak. Individuals who work with you and for you want to feel as though they are working for a purpose. Provide them one!

As you conclude reading this article be sure to keep an open mind; ultimately the decision is yours! Staying in touch with ideas, trends and remaining competitive will drive more revenue and market share to your company.

Heather (Penney) Strohm is the regional director for Indiana State University’s Indiana Small Business Development Center.

1
Text Only | Photo Reprints
Business
Latest News
TribStar.com Poll
AP Video
Raw: Rocket Explodes Over Israeli Wedding Raw: Brazil Fans Cry After World Cup Loss Raw: World's Tallest Water Slide Opens Thursday Weaver Reprises Ripley Role for 'Alien' Game Police: Prostitute Accused in Overdose Death Raw: Stampede in Rio During World Cup Sterling Testifies in Los Angeles Clippers Trial Track Owners Fight to End Greyhound Racing Cleveland Picked to Host 2016 GOP Convention Mississippi River Flooding Likely to Slow Down Day After: Brazil Reeling in WC Loss Germany Crushes Brazil in 7-1 Win at World Cup Raw: Palestinians Clash With Israeli Forces Raw: Panic in Tel Aviv As Siren Warns of Attack Man Finds Venomous Snake in Toilet Raw: Truck Crash Spills Turkeys on Va. Highway Giant Whale Vacuumed in New York City Today in History for July 9th Washington State's First Legal Marijuana Sales Tornadoes Kill Four in Central New York
NDN Video
Elephant Pool Party at The Oregon Zoo Must-See! Berry and Fallon Form Human Hamster Wheel Pilot buys pizzas for travelers delayed by storm Klose nets record, Germany rout Brazil 7-1 'Purrmanently Sad Cat' Looks Adorably Sad All the Time Pharrell 'humbled' by success of mega-hit 'Happy' Day After: Brazil Reeling in WC Loss Jennifer Lawrence Facepalms Emma Watson Athletes Bare All for ESPN Magazine's Body Issue Raw: Brazil Fans Leaving Stadium Before Half Andi Dorfman Walks Out During the Rose Ceremony 5 Firework Fails for July 4th Justin Bieber Catches Tom Hanks Getting Down, Showing ‘How We Do It Big shoes to fill for Brazil ahead of Germany clash Man's 'Potato Salad' Plea Takes Off on Kickstarter Joan Rivers Storms Out of Interview Watch: A turtle and dog play ball Yikes! This Jet is Way Too Close Late-Night Highlight: Ben Falcone Screwed Up His Proposal To Melissa McCarthy Jenny and Sherri Talk "View" Departure
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
  • -

     

    March 12, 2010

activity