Meaning ● The Innovation Process, in the context of Small and Medium-sized Businesses (SMBs), represents a structured approach to introducing new or significantly improved goods, services, processes, or business models. ● Critical for sustained SMB growth, this process often begins with idea generation and progresses through evaluation, development, and implementation, ideally incorporating automation at key stages to enhance efficiency and scalability. ● Within the SMB environment, a pragmatic innovation process acknowledges resource constraints and emphasizes iterative testing and adaptation, favoring agile methodologies that enable rapid response to market feedback.
