Small Firms Play An Important Role In The Economy Of Innovation
The U.S. Small business Administration believes that small firms may be the key to the nation’s ability to innovate. Small firms can lead creation and technological growth of emerging industries before large corporations, eating into the core markets of large corporations. Smaller highly innovative firms have increased from 33% to 40% in the SBA’s report of most highly innovative companies.
This study, entitled Small Firms and Technology: Acquisitions, Inventor Movement, and Technology Transfer, examines small firms’ contribution to innovation. It showed that in emerging research and technology intensive fields the smaller companies are receiving the majority of the patent citations. The report focused on how large corporations rely on smaller businesses for these patent citations. Large corporations are not being efficient enough in their innovation to generate these patents for themselves. It is up to the smaller companies with a better innovation system to supply the ideas and subsequently, they are acquired by the corporate giants.
MindMatters’ Enterprise Innovation Management software helps organizations inspire, capture, validate, protect and profit from idea management. The front-end to your Product Lifecycle Management (PLM) process, MindMatters’ patent pending idea management software, Innovator(TM), is the only enterprise system specifically designed to protect ideas by aligning with intellectual property processes, including invention disclosures and legal reviews.