What Can Innovation Mean for Your Business?

Have you ever googled what ‘innovation’ actually means? Your findings may very well lead you to question whether it is even possible to define its meaning, given its vast range of possibility and potential. 

In business terms, you may choose to look at innovation more simplistically: a creation or development and implementation of a new product, process or service, with the aim of improving efficiency, effectiveness or competitive advantage. But how important it is? Does being innovative require being creative? How does one inspire innovation and nurture it? Does it magically happen? Does it need encouragement and enforcing? 

We thought we’d break down some of the barriers you may face when looking at what innovation can mean for your business, and look at how we might be able to help you explore how your business can benefit from making innovation more of a priority, in order to grow your business and remain competitive in your sector. 

Does innovation matter?

Businesses that innovate are able to grow faster and easier, whilst remaining competitive if not able to take a larger proportion of the market, regardless of the size of the business. Businesses that prioritise innovation can achieve not only business growth goals, but also increase productivity and profitability and stand a far better chance of surviving, which in these unprecedented times is crucial. 

Is innovation expensive?

You may be wondering how your business can possibly afford to allocate money and resources to innovation in these difficult economic times. You’ll be glad to hear that there’s a LOT that can be achieved with very little (sometimes no) cost associated. By pulling on input and ideas from your own people; employees, customers and suppliers, you can keep communication flowing as an opportunity to explore and share new ideas. Virtual brainstorms or intranet based suggestions can in turn enable you to evaluate and select the best ideas to explore and with those ideas, to explore collaborations and partnerships with a team such as ourselves, who have funding and academic expertise in place to help you turn those ideas into reality and into profitable ventures. 

How do you measure the success of innovation?

Innovation, without a doubt, has a positive impact on the whole company culture; which at a time such as this, is crucial and gives employees a reason to care and help you grow your business. By empowering your people, you are increasing the overall productivity and profitability of your business. Evidence shows that companies who pursue innovation are likely to survive longer, which once again at these uncertain times is something not to be overlooked. 

Interested in knowing about our KT voucher scheme and how we can work with you to explore innovation in your business?

Vouchers of up to £2,500 are available for businesses to work with Glyndŵr academic staff. This scheme builds on the success of our North Wales Knowledge Transfer Hub project last year, which assisted local companies with new product development, product testing, process development and technical reports on 'state-of-the-art' developments. The KT vouchers form the first rung on our 'Ladder of Innovation' and can introduce you to a medium to long-term package (three months to three years) of innovation support tailored to your needs. If you think there is an area of your business which would benefit from some University expertise, or if there is an issue you'd welcome some external advice on, please get in touch.

For further information contact Peter Hooper, Innovation Manager via enterprise@glyndwr.ac.uk.

Written by Ann Bell, Bilingual Communications Officer at Wrexham Glyndŵr University.