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IT is the Engine for Hispanic SMB Growth

18 Oct, 2012

Why strengthening the role of small and midsized innovation enterprises is important to/for Hispanic businesses
STEM

Photo: Fotolia

Editor’s note: This article is the first in a series on STEM education.

Victor Hugo is quoted as saying, “You can’t resist an idea whose time has come.” And the innovative enterprises that are entrepreneurial, small and midsized businesses are that idea.

Today the signature piece, which is currently assigned everywhere to innovation, is defined by the general requirement to transition from an industrial model to an information model in which new technologies and knowledge form real, concrete benefits and become the defining factors for economic growth. The most dynamic developing sector in the U.S. is the small and midsized businesses (SMB) along with entrepreneurial and start-up ventures.

Small to midsized enterprises owe their success to the following:

  • Flexibility and maneuverability in making managerial decisions quickly in the absence of bureaucracy
  • A close ear to the ground of changing market operating conditions
  • Increased daredevil approach to innovations and technologies
  • An insightful capability in providing goods and services that appear sympatico with the momentum of demand
  • A basic requirement for quicker return on investments (as much as twofold)

What’s apparent about SMBs today is a drive to affect outcomes at scale and taking risks. It’s about being innovative, having a vision of goods and services–perhaps yet to be realized.

Innovation and vision are the new currency of the land. Through my article series, it’s in this context that I want to provide a forum about emerging business priorities enabled through technology, achieving prosperity for entrepreneurial ventures and SMBs.

“Hispanic entrepreneurs [are] in a wonderful position to benefit and continue leading the trend as the fastest growing minority group in America’s business community,” says USHCC Chairman Nina Vaca.

Innovative Enterprises Have Their Foundation in Technology

The idea that technology accelerated by the knowledge industry has been the crucial ingredient in economic growth over the latter half of the 20th century and into the 21st century seems self-evident. But the exclusive significance of the innovation component to SMBs for economic and social development is the heightened risks accompanying the introduction of new technologies, goods and services, and their enormous potential possibilities. In economic and social terms this seems to justify financial efforts and privileges to motivate innovation activities among SMBs.

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About the author

Teresita Abay Krueger
Teresita Abay Krueger

Teresita Abay Krueger is a former Manager at IBM, capping a 20-year career where she specialized in the areas of strategy, marketing and emerging technologies for government. A scientist by training and education, her research utilized her background in analytical chemistry for semiconductor manufacturing. Since 2009, Teresita works with start-ups and advises non-profits. She is social media director for an organization of professional women, where she provides strategies for effective communications and fund raising. Teresita is the newly appointed member of the Westchester County, NY Hispanic Advisory Board. Follow her @dona_Teresita on the national urgency to grow science, technology, mathematics and engineering (STEM).

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