Canada’s small business owners say innovation is a top priority in 2016, according to a CIBC poll.
- 90% of business owners see innovation as important to long-term success
- 77% say they are likely to invest in innovation in the next 12 months
- Very likely – 26%
- Somewhat likely – 50%
- The greatest obstacles to innovation in business are having enough time (23%) resources (21%) and cash flow (19%).
- The top overall challenges faced by small businesses include dealing with changes in the marketplace (38%), competition (32%) and identifying sources of future growth (32%).
- When asked what innovation means to them, business owners’ top selections were evolving a business model to meet customers’ changing needs (22%) and using new technologies to achieve efficiencies (18%).
Poll respondents included a cross-section of small business owners from all sectors of the economy from professional services and manufacturing to health care and real estate.