Use innovation to start or grow your business
Introduction
Business innovation is all about the successful exploitation of new ideas.
Innovation plays a fundamental role in the success of many of the world’s leading businesses. Often, the objective of dynamic, growing businesses is to innovate as well as to generate profits.
Innovation is about more than just bringing new and improved products and services to market. It can involve the exploitation of an idea by starting a new business or finding new ways to increase the efficiency of your business and, most importantly, improve its profitability. Sometimes, an idea may originate from within an existing organisation – eg a business or university. In these cases, the new business is called a ‘spin-out’.
It is important for businesses to continue investing in innovation during difficult trading conditions, so that they are in a better position to compete when conditions improve.
This guide explains how you can make your business processes more innovative and outlines the different approaches you can take. It gives you advice on innovation start-ups, planning for innovation and creating the right business environment to develop your ideas. It also outlines the help and support available to innovative businesses and the risks and rewards associated with innovation.
Source: nibusinessinfo.co.uk
