Innovation is one of the hardest yet most inevitable things that any company or industry need to possess.
It ensures that any image or brand stays on top as it gives people what they need and what they deserve. Most importantly is that in this feat, these industries are able to go with the emerging technologies and adapt to certain trends to be of better service to the people. In addition, propose breakthroughs that can change the way people live. For instance, in the areas of customer experience and fulfilment.
But how do we go about change and how do we develop an already existing tradition, or well-established policies and practices? Through research.
Research is one thing that is tedious but gives us a high yielding and promising result: understanding deeply our necessities and giving us the opportunity to construct a design or idea that will put a remedy to any circumstance that needs answering.
However, it is believed that in order to produce results that are non-generic, as any model based on a general prototype is doomed to fail, it is highly encouraged that research is done in collaboration. This way, a problem is addressed in various approaches as such, being able to provide any product or output that is well thought of and ideally, personalised.
It is understood, however, for the small merchants, doing such is a bit of a challenge. It entails costs. In relation to this, in order to fill the knowledge gap, entrepreneurs become entitled to the so-called SME grant.
This government grant for SME allows these small businesses to improve their products and open a gateway for better partnerships.
What happens is that the government is able to profile different industries and are able to help them partner with like-minded individuals in order to assess a certain need that has to be addressed. Though like-minded, these personalities come from different fields thus, can contribute different ideas into a certain project.
As it allows individuals to explore their already possessed skills, they are also exposed to better technologies and to a larger network of business minded suppliers.
So what does this promise the SME industry?
What is really enticing about this grant is that any industry is able to introduce himself to bigger competitors. And when this happens, it is not gaining an opposed but a potential mentor or partner. Being given this grant also allows SMEs to promote themselves to people who might not know them yet.
Also, this type of grant allows applicants without discrimination in terms of seniority or category. What is also good is that passers are not limited to certain categories of research and are not bound to a return-of-service type of contract. Aside that it provides an R&D fund, these SMEs are also guided by specific regulations that will not only widen their horizons but will also help them achieve their goals.
Some are afraid to try it because they think the number of active years in a certain industry is needed to qualify, however, for a government that sees the need for innovation, it is not always the case.