Partner Article

Misconceptions of Innovation

Innovation simply means to renew; alter or change. The ability to innovate is vital to the life-cycle of a business but for some lack of time, or funds means that tapping into their innovation ambitions is only a dream.

Innovation can broaden product base perhaps introducing a new service, developing new financial tools or make better use of technology. As well as breathing new life into methods that are already in place ultimately innovation reduces long term risk and increase sustainability. But there are many myths surrounding innovation.

Myth One- Innovation means making huge dramatic changes. Innovation will depend on your business capability and marketing understanding as well as how much finance you have available. It happens one step at a time. If you want to win big, you should start small.

Myth Two– Innovation is not invention. Invention is the creation of something completely new – that Eureka moment. Take the invention of the wheel for example the innovation is a process - thinking how can the wheel be improved?

Myth Three– Only creative people can innovate. Everyone can see where improvements need to be made they just make not have the interest or the time to address innovations.

Myth Four– Innovation occurs in silos. The coming together of great ideas, also takes the coming together of great minds which requires great networks and inspirational people to talk to.

It is because of our commitment to regional growth that The North East Business Centre (BIC) has launched the Innovation Programme. The aim of the programme is to help businesses, by not only offering much needed support but also access to specialists who will look at the viability of their ideas and also the longer businesses benefits of developing it.

Subsidised by the European Regional Development Fund, the Innovation Programme is specifically designed to help North East businesses prosper by investing in innovative developments.

The region has a proud tradition of innovation and it would appear that we haven’t lost our appetite for it, as interest in this project has been phenomenal.

For more details on the North East Innovation Programme and information on how to apply, visit http://www.ne-bic.co.uk/innovation

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