Report
Generation innovate: Look to the future
Discover the innovation challenges that SMBs face, now and in the future.
This study examines how SMB leaders approach innovation and the role technology plays in driving sustainable business growth. Key takeaways:
- European SMBs acknowledge disruption but are reluctant to change
- Many SMBs recognise the need to innovate for business survival
- SMBs predict their products and services will change in the next 5 years
- SMBs’ employees will be integral to the innovation process
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Lack of innovation a threat to SMB survival
Digital disruption, regulatory requirements and economic shifts are posing a serious risk to SMB survival.
A third of SMB leaders surveyed say they will go out of business by 2020 if they fail to innovate in response to these changes. As they remain focused on trying to increase profits and grow their operations, SMB leaders must be ready to challenge their traditional assumptions about how best to innovate.
Pivoting business to meet consumer demand
The pace of change in the digital age continues to present significant challenges to SMBs.
Almost a quarter (24%) of Europe's SMB leaders expect to have to completely change their offering within the next five years in order to stay in business. The majority (91%) think they will have to change the way they do business to some degree.
