What is Innovation?

"Business innovation is a vital ingredient in raising the productivity, competitiveness and growth potential of modern economies."

Essentially, Innovation is the successful exploitation of new ideas. These can be ideas for products, services or processes. It includes both radical new ideas and incremental changes to existing ones. All businesses can, and should, innovate.

Why do you need new ideas?

Because the business environment in which you operate is constantly changing. Other businesses are inventing better products, better ways of working etc. If you don't innovate, you will eventually lose business to better and smarter competitors. The rate at which this happens varies from industry to industry, but eventually all industries change

Innovation in business leads to higher and more sustainable profitability, the ability to stay ahead of your competition and provides higher value to customers. It offers a way of meeting challenges both inside and outside your business. It enables businesses to compete effectively in the increasingly competitive global environment.

Innovation is at the heart of increasing competitiveness and productivity.