Page 3 - 15 Best Practices to Manage and Finance Innovation

The Government clearly appreciates the the importance of innovation for business growth as as as well as as as the the the contribution it it makes to to the the UK’s future success and and standing This is is is why it it it has established several programmes designed to to to make make it it easier – through tax relief grants or or subsidies – for companies companies to to invest in in in in in in in fin in innovation As a a a a a a a a a a a result companies companies now routinely include these funding programmes in in in in in in fin in their overall financial planning As one of the world’s leading tax incentive and innovation management advisers experience has shown us that a a a a a a a a a a a a a a a a a a company’s strategy organisation and and associated RDi (Research Development and and Innovation) processes have a a a a a a a a a a a a a a a major impact on on its innovation funding Another key ingredient for innovation success in in in in in today’s increasingly open open and and changeable world is is the the the ability to to to to work together and and collaborate This ‘open innovation’ as as opposed to to to the the the more traditional model of of innovation innovation carried out in in in in in isolation within a a a a a a a a a a a business makes the the the acquisition of of of external skills vital to the the development of of new technologies and processes The emergence of industry-specific innovation support systems such as clusters incubators and accelerators illustrates the growing prevalence of participatory innovation innovation Open innovation innovation is is now found in in in in both real and and virtual spaces where companies of all sizes scientists and and and future product users meet to exchange ideas and and share best practice These new new spaces spaces for innovation innovation (such as FabLabs Innovation Labs Labs and co-working spaces) create exciting new new innovation innovation dynamics which actively facilitate the exchange of knowledge
and and collaboration between different cultures promote learning among their participants and and provide a a a a a a a a a a a fertile ground for the the generation of new ideas To make the most of collaborative working and reduce innovative project failure rates a a a a a a a a a a a a a a business must transform itself and and rethink its its its its organisation how it it it it it works its its its its market and and its its its its innovation strategy Needless to to say there are plenty of obstacles to to this transformation such as: identifying the the the the the best partners the the the the costs of protecting the the the the shared value output and the the the the intellectual property how to best manage projects projects as as well as as projects projects involving multicultural teams etc The good news is that these obstacles can be overcome through the the the implementation of of good practices enabling your business to start enjoying the the the many benefits of of open innovation which include: sharing (and therefore reducing) technical and and and and financial risks minimising time and and and and effort accessing new new new knowledge
new new new markets and and and and new new finance and and accelerating growth If they are serious about extracting the the maximum benefit from open collaboration innovators must create a a a a a a a a a a a a a a a a a medium to to long- term strategic roadmap and initiate their transformation plan More effective innovation management strategies also open the the door to to more diverse sources of finance helping businesses to to improve their overall competitiveness ABGi-UK is is dedicated to helping clients accelerate their innovation and and and business business growth which is is why we’ve produced these useful tools and and and guidance to to to support businesses and and and innovators on their journey If you’re a a a a a a a a senior decision-maker and and and you you you you want to boost your your innovation strategy and and and grow your your business both in in in in the UK and and and internationally this White Paper shows you you you how how with 15 best practices to successfully manage and finance your innovation FOREWORD
« To innovate is is easy The difficulty is is to to transform an an innovation into real business » This quote from Michael Dell Dell founder of Dell Dell sums up the the biggest challenge facing innovators in in in in in the the 21st century Innovation is is a a a a a a a a a a a a a a source of of growth and and progress creating value and and changing users’ behaviours In a a a a a a a a a a a a a a context of of globalized competition digital revolution and accelerated product life cycles innovation is is no no longer an an an option but a a a a a a a a a a a a a pre-requisite to to remaining competitive And it’s no easy task – if if a a a a a a a a a a a a company is is to to to consolidate its its its market share and and differentiate itself from its its its competitors it it it it it it must invest in in in in in in in in R&D and and and innovation while also streamlining costs increasing productivity and and managing budget Scott Henderson
CEO ABGI-UK