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Written by NFIB.com
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 | | small business |
Small Business Owners Credited for Numerous Innovations
That small business on the corner might appear to be just another little enterprise trying to make its way in the American marketplace, but it might also be creating something that could change our lives forever. According to a National Federation of Independent Business (NFIB) Small Business Poll devoted to innovation, between 5 percent and 15 percent of small firms are engaged in some type of innovative activity.
Defining innovation as the first-time introduction of something that has been developed through imagination, thought or experiment, researchers determined that one in 10 small businesses purposefully innovate or invent things to sell or lease. In more than one in five of these enterprises, innovations or inventions generate all sales, and in more than half of such businesses they account for 50 percent or more of sales.
“Small businesses produce a significant number of innovations,” says NFIB Research Foundation Senior Research Fellow William J. Dennis. “Smaller enterprises appear particularly adept at major breakthroughs in contrast to more incremental or evolutionary changes.” HBM
Source: www.NFIB.com Previously published in the October 2006 issue of HOME BUSINESS® Magazine, an international publication for the growing and dynamic home-based market. Available on newsstands, in bookstores and chain stores, and via subscriptions ($15.00 for 1 year, six issues). Visit www.homebusinessmag.com |
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