Community Research and Development Information Service - CORDIS

Industry innovation just got better

A drive to improve and validate a high-tech tool that furthers innovation gives small and medium-sized enterprises (SMEs) a much-needed boost.
Industry innovation just got better
SMEs form the backbone of a healthy economy in the EU, and innovation is key to their success. The EU-funded project MARKET IT worked on improving existing high-tech tools for advancing innovation.

Building on the results of the EU-funded TECH IT EASY project, the more recent initiative upgraded its predecessor's promising software solution to help SMEs organise their innovation process.

The software searches the Internet and extracts knowledge relevant to innovation within a company, such as technical data, competition, patents or partners. MARKET IT introduced and verified technical improvements to the software, developing a new, improved tool that is either accessed through the Internet or installed on-site.

More specifically, the customisable tool has different modules to help SMEs. One module structures innovation projects (workflows, marketing, engineering), while another helps store, share and search documents in the organisation through a document management system. A third allows for advanced data extraction and retrieval, helping to filter and analyse information on the Web.

The validation of the tool and related improvements have enabled SMEs to readily deploy the system in order to achieve product and service innovations, furthering sales and profitability. The solution also reduces innovation costs and diminishes the need for outsourcing, in addition to helping identify and improve return on investment. It is ideal for various low-tech sectors such as manufacturing and construction.

In line with European policies on innovation and on strengthening SMEs, the tool is set to boost industry but also support exchange of information and enhance the knowledge economy. The results have been disseminated through the project website, various events, conferences and workshops, and to industrial bodies. This will certainly enable many businesses to reap the rewards of innovation.

Related information


Industry innovation, SMEs, high-tech tools, software, innovation process, technical data, patents, document management, data extraction, manufacturing, construction, knowledge economy
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