The major hinderances for SMEs to innovate include lack of resources and/or allocation of said resources due to – SMEs’ small size and limited access to finance for venture capital.
Key Takeaways
Food sector in Europe: Largest manufacturing sector within the EU
Innovation and food: Orientated towards encouraging new ideas and fostering innovative employees
Even though the rate of incremental innovation is much higher than that with radical innovations, food SMEs in Europe also do undertake radical innovations
Product, process and packaging innovations: Include packaging innovation, as packaging plays a significant role in consumer behaviour
Although European food SMEs have a high level of engagement with food innovation, they have a relatively low level of commitment to investing significant resources in marketing
Relatively low level of engagement in partnering or strategic alliances with potential for significant improvement resulting in measurable knock-on benefits for companies
Food innovation consultants
At Farrelly Mitchell, we offer targeted consulting services that bridge the gap between ambition and execution. Our expertise in business planning and strategy & execution empowers smallholders & SMEs to navigate the challenges of resource allocation and access to finance, fostering an environment where food innovation thrives.
Furthermore, through our dedicated market linkages & value addition services, we provide SMEs the support needed to engage in collaborative ventures that drive growth and differentiation, boost nutrition & food security, and foster resilient and sustainable food production. Contact us today to learn more.
