A small business owner and serial innovator has been responsible for many technology-based inventions, including the development of:
- Automated train control and fail-safe systems
- Communication switching hardware used in TV broadcasting and submarines
- Advanced level graphics and network cards for the personal computer industry
- Radio frequency modems
- Autonomous vehicles
He has several key innovation projects underway, including one that may revolutionise global regional and remote rail network safety forever. The invention promises to create extraordinary value – for the business owner, his partners and global transport safety. But it may never get off the ground.
Though the business owner had undertaken significant testing and proof of concept, the enormous global potential of his solution may never be realised. His innovations will only be effective for him if he can connect with interested parties who are willing and able to help commercialise it, and (critically) can refrain from misappropriating it.
While smaller businesses typically devote fewer resources to ongoing innovation, that doesn’t mean they’re not inventive. Small businesses willing to commit time and effort to innovation often have ideas with relatively greater market opportunity, intrinsic value and impact than those generated by larger corporates.
What smaller businesses lack in the knowledge and resources required to commercialise innovative ideas, they often make up for in terms of their creativity, agility and customer knowledge. This allows them to deliver both incremental and highly valuable radical innovations. The innovation opportunity is a matter of choice, commitment and seeking the right help – especially when you seek funding!