Mid-Market Innovation: Evolving Without Inventing
For executives running a business, regardless of its size or type, the need to innovate has been touted as the route to growth. For mid-market companies, there is more pressure than ever. Not only do they compete with larger corporations, but now there is a constant influx of startups and entrepreneurs pushing to do what they do, but better.
So does that mean companies need to develop a new product to be competitive?
Ron Totaro, chair of CEO Connection’s Innovation Committee and current interim CEO, advisor and board member for fintech and SaaS-enabled private equity portfolio companies, says that what mid-market companies need to remember is that “innovation” does not have to mean creating the next big thing.
“There is a misconception that innovation means creating new products,” says Totaro. “The reality is that innovation can manifest itself in many ways. Innovation could be improving customer experience: something as simple as switching from paper invoicing to electronic invoicing. Now clients get their invoices faster, they are easier to file, and perhaps they include more information, such as how their money is being spent. If you improve relationships and retention rates through new processes, you are innovating.”