Innovation is the creation, development and implementation of a new product, process, service, marketing or management methodology with the aim of improving efficiency, effectiveness or competitive advantage.
Businesses confront “innovation” virtually every day. A slight change in a process, a different way of greeting customers, developing a new methodology for a process are all examples of innovation.
Innovation can be very valuable for a business because it can add to the “intellectual property” that is owned by a business.
Innovation is available to all types of businesses – it normally starts with an idea that may have been suggested by anyone within an organisation.
There are government grants to assist defray some of the costs of you innovation.
To successfully innovate, businesses need to have implemented appropriate systems.
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