Lean Innovation

Editor's Welcome
Lean Innovation: The Art of Making Less Into More

Written by:
Ela Malkovsky, Editor-in-Chief

Continuous improvement in business is about more than just a set of operational principles to increase efficiency. It is a mindset, and a corporate culture that is always geared towards finding better, more innovative solutions and gaining more value with less resources. At the same time, innovation also requires the ability to seek and leverage new opportunities for financing, commercialization, and business growth in order to sustain the R&D activities and to provide employees with the resources they need to stay ahead of the curve. Since resources in any company are always limited, achieving the optimal balance between business development and R&D efforts is a constant challenge for businesses across various industries and stages of growth.

SR&ED tax credits and Lean Six Sigma management practices are two major resources that can maximize existing business and innovation efforts, regardless of industry or company size, thereby helping companies maintain a balance between performing R&D and financing their business. Lean Six Sigma is a proven method to reduce costs and increase value. Since its inception in the automotive industry, it has evolved to become a methodology that is adaptable and adds value in various industries and in companies of all sizes. Lean Six Sigma can prevent major losses in start-ups, increase innovation in large companies, and help manufacturing and transactional businesses adapt to rapid changes in consumer demand. Furthermore, Lean Six Sigma methodology corresponds well with SR&ED tax credits and can in fact enhance R&D efforts.

As with filing for SR&ED tax credits, Lean Six Sigma implementation requires corporate commitment and leadership in order to succeed. Effective Lean Six Sigma leaders instill a corporate culture of innovation that derives from a continuous improvement mindset. Although this can be quite challenging as companies contend with daily business demands and employee reluctance towards change, ultimately, the return on investment in SR&ED and Lean Six Sigma initiatives can translate into more money, more time, and more innovation.

Ela

Ela is the Editor-In-Chief at NorthBridge Consultants and is dedicated to helping Canadian companies innovate, compete, and grow by leveraging research- and technology-based funding solutions.

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