Research Group launches business model for SMEs

A GMIT group working on a major EU Framework 7 research project called “FutureSME” has launched an important new business model to help SMEs adapt better to the changing business environment.

The ‘FutureSME Transformation Programme for SMEs’ guides an SME through a developmental process and is supported by eLearning and tools designed with SMEs in mind.

The model has been developed by GMIT and partners including Galway-based companies Tsunami and Lalui Leadership and project-leader Strathclyde University. FutureSME© was established at Strathclyde University in 2009. Of the 26 European project partners, seven are Irish with a combined Irish budget of almost €2.5m.

Dr Paul O’Dowd, GMIT lead researcher on the FutureSME project, says this new model for SMEs is the result of four years collaboration: “GMIT is delighted to host the launch of this important new business model. It has been tested extensively across Europe and was recently accredited by the University of Strathclyde, which is promoting it as a future standard of excellence for small businesses, providing a pathway to success. We believe this new business model can bring immense benefits to European SMEs.”

Dr Ardawan Lalui, of Lalui Leadership, believes “At the heart of the ‘Transformation Programme for SMEs is a strong workplace, where personal and collective transformations happen concurrently.”

One of the partner collaborators, Denis Kearney of Tsunami, the Galway-based management consultants, paid tribute to GMIT’s involvement in the project: “GMIT provided a crucial role in leading the development and testing of a Sustainability and Eco-innovation Framework for SMEs. This component of FutureSME© allows SMEs to capitalize on business opportunities provided by implementing greener practices and designing greener products and services.”

Another partner collaborator, Jimmy Roche, MD of Roche Manufacturing Mountbellew says: “FutureSME© helped us visualise our business better, get agreement on our priority goals and deliver results faster.”

GMIT’s research team comprises Dr Paul O’Dowd, lead researcher & lecturer, Dr Aurora Dimache, post-doctoral researcher, and Sinead Mitchell, PhD researcher, all based in the Department of Mechanical and Industrial Engineering.