Innovation: Much More than High-Tech

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Created on July 21, 2015
 

Innovation. When most people hear or use this term, they are referring to new, cutting edge technology and products. However, innovation means much more than that. Operational innovation involves creating entirely new ways of filling orders, developing products, providing customer service, or doing any other activity that an enterprise performs.

David Brier, a brand identity expert, explains the single difference between the innovator and the ordinary person as: The innovator sees the dots and connects them while ordinary people either 1) don’t see them, or 2) don’t explore, question, or connect any of them.

The Atlanta MBDA Business Center connected the dots when they recognized the potential for substantial growth among minority-owned information technology firms in relation to the growing demand for healthcare IT services. A successful partnership with the Healthcare Supplier Diversity Alliance enabled the Center to transition 77 minority-owned businesses into the rapidly growing healthcare industry in fiscal year 2014.

The Minneapolis MBDA Business Center connected the dots by realizing that baby boomer business owners are retiring and selling their companies. They also realized that acquiring these businesses is a perfect opportunity for minority-owned firms to increase revenue, expand operations, and create jobs.

In recent years, the Minority Business Development Agency (MBDA) has developed innovative solutions for some of the most common problems facing minority business owners—growth, expansion, and financing. To learn more about innovative MBDA programs like lab-to-market and technology transfer, advanced manufacturing, aerospace supply chain mapping, and alternative financing solutions, visit www.mbda.gov.

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