Accidentally innovative – how Serendipity leads to affordable Innovations in SMEs

an in-depth analysis of the event- and marketing-industry in Switzerland

In today's fast-paced business world, organizations recognize the significance of fostering serendipitous moments and cultivating an innovative culture. This white paper explores the role of Serendipity in generating affordable innovations within small and medium enterprises (SMEs) and provides practical recommendations for managers to harness its power. Managers can unlock unexpected discoveries, breakthrough ideas, and a competitive edge by embracing Serendipity and creating an environment that supports it. The study utilizes qualitative research methodology, conducting in-depth interviews with owners and managers of SMEs in the event- and marketing- industry to gain insights into their experiences with serendipitous innovation discovery and generation.

Serendipity is crucial in the event and marketing industry within the context of industry 4.0. It enables organizations to foster innovation, nurture connections, adopt a user-centric approach, adapt to changing circumstances, gain a competitive advantage, and facilitate continuous learning. Embracing and leveraging Serendipity can contribute to success and resilience in an era of rapid technological advancements and evolving customers expectations.

Embracing serendipitous moments is crucial for innovation, as they often occur unexpectedly and can quickly go unnoticed. Industry experts emphasize the importance of recognizing and capturing these moments, even though they are challenging to identify and integrate into structured processes. Creating opportunities through Serendipity requires openness and receptiveness to unplanned ocurences. Observing and relating coincidences to potential innovation is valuable, as is maintaining a well-designed organizational structure that balances structure and flexibility. Allocating slack time and implementing supportive structures can enhance innovation efforts. Flash talks, intrinsic motivation and extrinsic rewards foster a motivating environment for continuous learning, interpersonal connections and collaboration.

1. Foster a culture of observation
2. Create an environment that supports Serendipity
3. Allocate dedicated time for innovation
4. Encourage cross-functional collaboration
5. Support continuous learning and development

The need for managers to actively encourage and reward employees for developing new approaches, ideas or risks is high, as this can foster a culture of Serendipity, which then can lead to innovative approaches.

This research utilized a combination of inductive and deductive coding to analyze the collected data. The research design involved qualitative methods using structured interviews with individuals from Swiss SMEs in the marketing and event industry. Purposive sampling, structured-interviews, and comprehensive data documentation were employed. The data collection process involved brainstorming, analyzing LinkedIn profiles, and selecting interview partners based on specific criteria. Approximately 60% of contacted managers agreed to participate. MAXQDA software was used for data analysis, employing a combination of inductive and deductive coding. The Serendipity-innovation-framework served as a coding foundation, supplemented by interviewee statements for a comprehensive analysis.