Beginners guide to innovation

Innovation is not all about men in white coats. If you're not sure where to start then read our beginners guide to innovation in the East Midlands...

What is innovation?

Innovation is the successful exploitation of new ideas. Traditionally this has meant new products or technologies, but is actually much broader. Innovation includes new services, new ways of running businesses and even new ways of doing business.

Why innovate?

The scope for businesses to compete on a cost basis alone is becoming more limited. Innovation is therefore an increasingly important factor in the survival and growth of businesses. Through innovative activities your business could increase productivity and achieve its growth potential, as well as benefiting the regional economy as a whole.

What if I’m not innovative?

Innovation need not be complicated. Cutting edge technologies may be at the forefront of innovation, but for your business innovation could be as simple as introducing a new marketing plan or a way of training staff. The most important thing to remember is that there is support available.

What if I don’t have time to innovate?

The daily demands of running a business and the current economic situation may make it difficult to think about long term goals such as new products or services. However, investing time in innovation now will contribute to the sustainability of your business in the future. The economy is changing rapidly, and those businesses which will thrive and grow will capitalise on new and existing ideas.