Small Businesses Innovate
Although only a small percentage of smaller companies hold patents currently in use by their businesses, more than 40% say they have introduced at least one new — or significantly improved — product, service, process, or design in the past year.Most often the innovations were in the form of a product (55%), according to a recent survey by the National Federation of Independent Business, followed by a service (29%), process (8%) and a design (7%). Of the owners surveyed, 34% say they have not made an introduction or significant improvement in these areas, and 11% say that it has been three or more years since they have done so.
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