An Innovation Formula for Privately Held Mid-Sized Companies

Abstract

The principal objective of this paper is to create an innovation formula that streamlines and optimizes the innovation process in mid-sized privately held companies. Research included case studies of three privately held mid-sized companies. A comparison and analysis was completed on how each of the companies innovate, the success of methods used, and their ability to adapt to adversity. To address the increasing demand for innovative products and services that privately held mid-sized companies need to deliver on, information taken from the case studies was utilized to derive an innovation formula that focuses on customer engagement, professional affiliations, and open innovation.