We believe passionately that innovation should be a driving force in business, fuelling the creation of new and improved innovative products or services to launch in the UK and take to global markets.
Our innovation and growth specialist delivered service equips your business to engage in continuous commercial driven innovation, optimise operations and expand to meet demand. And when your capacity to exploit innovation is supported with the right organisational and leadership profile to attract investment as well as the capability to enter new markets, you will have achieved the ideal platform for scaling your business.
Having conducted a thorough analysis of your needs, our first engagement with you may focus on one of the following areas:
Dedicated support to help you manage innovation effectively, develop your innovation processes and bring new and existing products and services to market successfully.
Areas of focus could include:
- Developing a strong innovation culture and introducing techniques to breed innovative ideas with the power to drive your growth strategies
- Adapting a business model to exploit continuous innovation
- Setting project success criteria, applying project management principles and then evaluating return on investment
- Establishing manufacturing readiness
- Ensuring market readiness (validating technology, identifying value propositions, understanding market potential, your product fit and building marketing strategies)
Connections to the innovation ecosystem
Our specialists can help innovative companies to access the right resources and expertise to make growth-enhancing innovation happen. We have strong relationships with other innovation ecosystem organisations including:
- Laboratories e.g. NPL
- Innovate UK KTN
- The investor community
- Intellectual Property Office
As part of our ongoing efforts to pilot new ways of working, we are also providing enhanced access to the ecosystem through our Growth Support Account, if you need to:
- Access BSI’s online catalogue of national and international best practice, guidance and standards for both managing your operations as you grow (or to pivot into an unfamiliar sector)
- Gain a better understanding of how design principles could help you become more investable as a business and / or pivot into a new or adjacent market.
Harness intellectual property
We can support you to understand and protect your intellectual property (IP) for a reliable platform for growth, including:
- Identifying the different types of IP you may own: patents, trade marks, design rights, copyright, NDAs, etc.
- Advice on patent, trade mark and design registration search tools
- Development of business processes to capture and manage your IP
- UK and international protection strategies
- Where to find appropriate professional services and advice
In addition, our IP Audit and IP Access schemes provide you with the resources to exploit your innovation fully. Read more about exploiting intellectual property here.
What is business innovation?
Business innovation can encompass new ideas, processes, products or services to improve the core business and encourage growth.
Types of business innovation
Innovation can take many forms, here’s an overview of some of the different types of innovation in business;
Finding ways to become more efficient and productive in your business. This could include automating services or restructuring the team.
Product or service innovation
Making changes and improvements to an existing product or service, or creating a new one entirely. For example, this could include moving a service online or pivoting an existing product for a new industry.
Sales and marketing innovation
Finding new and creative ways to market and sell to your customers. This could include new branding, packaging or prices.
Innovation in business management
Improving and innovating the way the business is managed. For example, re-evaluating the leadership team or business strategy.
Revenue model innovation
Any innovation in which the main goal is to increase profits or revenue. For example, rethinking the pricing strategy.
Business model innovation
Any innovation to improve the core business strategy and business growth process. This could include entering into new partnerships or investing in new technologies.
Industry model innovation
Any innovation in which the goal is to adapt the industry or market for your product or to create a new market entirely.
The importance of innovation in business
Exploiting innovation can help your business to grow and scale by attracting investment and giving you the edge in the market.
- Accelerated growth
- Improved efficiency and productivity
- Competitive advantage in the market
- Greater market share
- Greater opportunities for small businesses
- New opportunities for global market expansion
Advice for innovating in your business
In order to take advantage of innovation for your business, you could consider
- Strategy - Ensure you start with a robust strategy and business plan
- Competition - Undertake competitor research to understand your place in the market
- Creative thinking - Invest in creative people
- Customer feedback - Feedback can help you develop and innovate your offering
- Expert advice - an innovation and growth specialist can provide bespoke guidance to help you manage and protect innovation in your business
What our clients say about us
My innovation-based business is thriving with Innovate UK EDGE help. Its in-depth growth support has expanded our horizons greatly