Introduction

Innovation within the business context is the creation of new ideas the context of known constraints. It’s about exploiting a gap, an observed gap in the market, through the development of a new product or service that fulfils that gap.

It requires the application, implementation and exploitation of these ideas to deliver an intended business result, be it new customers, new markets, bigger margins or gaining a competitive advantage.

 

Further Information

The three types of innovation which people usually associate with are…

  • Service innovations such as the introduction of internet banking or credit cards.
  • Product innovations such as smart phones/watches and tablets.
  • Process innovations such as new manufacturing process that are needed to produce these new products.

There are two more often forgotten types of innovation, which are:

  • Business model innovation which is about making changes in how the company creates value for its customers and how the company captures the value from the innovation, an example of this would be Amazon, the internet bookstore.
  • Organisational innovation involves fundamental changes in practices, processes, and structure of how the activities within the business are managed. Examples are lean manufacturing, outsourcing, and supply chain.

There are also different levels of innovation.

Incremental Innovation (most common) – This type of innovation is about doing something that businesses are already good at, but making further incremental improvements.  An example of this would be the changes to the iPod; making it thinner, improving screen resolution etc. Companies, in general, are very good in incremental innovation.

Radical innovation (quite rare) – Radical innovation doesn’t happen frequently, but it does happen. An example of this would be the invention of internet, and introduction of internet, which actually created, almost, a new revolution.

Disruptive innovation – This type of innovation isn’t always better immediately but we see improvements in the long term, this can create challenges for some businesses because they’re inclined to ignore this technology and therefore can never adapt quickly enough. As example of this would be the invention of digital technology and the negative impact it had on Kodak and is core capabilities, despite Kodak being a part of this invention. This type of innovation generally starts out in a niche market.

 

Useful Links

Innovate UK is the UK’s innovation agency – they are tasked to work with people, companies and partner organisations to find and drive the science and technology innovations that will grow the UK economy.

Innovate UK Blog – Top Tips for Aspiring Inventors

Innovate UK video – Innovate UK’s Essential Grant Funding Tips for Startups & SMEs

To find out how the Growth Hub can help your business, contact our team today on 03456 047 047 or use our online form

business-support-icon-60px-01Business support programmes

    • Impact Lab - Devon
    • Devon
    • The Impact Lab provides deep technical assistance to Devon SMEs that have a big data and/or environmental futures opportunity to address in order to grow to the next level. This is achieved through a substantial package of fully funded support which will be tailored to the need of your business and project.
    • Read more
    • Innovate UK
    • Devon
    • If you want to develop an innovative product, process or service, you may be able to apply for funding of between £25,000 and £10 million through Innovate UK.
    • Read more
    • Enhance Social Enterprise - Heart of the South West
    • Devon
    • Existing social enterprises will be supported to develop and launch new products and services as well as entering new markets. There will also be support for voluntary and community sector groups that want to transition into trading social enterprises as well as budding social entrepreneurs in need of help to develop their ideas to start trading
    • Read more
    • Growth Support Programme
    • Devon
    • This programme provides eligible businesses with up to 12 hours of support from a local business adviser, focusing on key business topics such as Digital, Finance, HR, Marketing and Innovation. The Programme is part funded by the European Regional Development Fund.
    • Read more
    • Innovate2Succeed
    • Devon
    • innovate2succeed is a new fully funded programme designed to drive business growth through innovation.
    • Read more
    • PATLIB UK - Intellectual Property Information Centre
    • Plymouth
    • Plymouth PatLib is based in Plymouth Central Library and is part of a national network of Intellectual Property (IP) Information Centres supported by the Intellectual Property Office. (IPO)
    • Read more
    • Devon Business & Intellectual Property Centre (Exeter and Barnstaple Library)
    • Devon
    • Exeter Library is part of the Business and Intellectual Property Centre network. As a Business and Intellectual Property Centre they follow a programme and ethos developed by Business and Intellectual Property Centre at the British Library, London, providing support to business owners, entrepreneurs and inventors.
    • Read more
    • Enterprise Europe Network
    • Devon
    • The Enterprise Europe Network (EEN) connects innovators with manufacturers, distributors, co-developers and suppliers overseas.
    • Read more
    • University of Plymouth – Enterprise Solutions
    • Devon
    • Plymouth Universities Enterprise Solutions offers a wide range of support to businesses. Enterprise Solutions is your gateway to accessing Plymouth University’s expertise, talent and facilities. Their aim is to give you the support you need, when you need it.
    • Read more

icon-events-60pxEvents and workshops

    • BIPC | An Introduction to Intellectual Property - Exeter
    • 15 January 2019
    • Exeter
    • Dispelling the myths of Intellectual property, information technology and data protection.
    • Read more
    • PEMC Industrial Solutions Event
    • 07 February 2019
    • Plymouth
    • Read more
    • PEMC Industrial Solutions Event
    • 10 April 2019
    • Plymouth
    • Read more
    • PEMC Industrial Solutions Event
    • 18 July 2019
    • Plymouth
    • Read more

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