Guide

Use innovation to start or grow your business

Introduction

Business innovation is all about the successful exploitation of new ideas.

Bringing new and improved products and services to market is only one aspect of it. Innovation can involve starting a new business, finding new ways to increase the efficiency of your business and, most importantly, improve its profitability. Sometimes, an idea may originate from within an existing organisation - eg a business or university. In these cases, the new business is called a 'spin-out'.

This guide explains the advantages of innovation and outlines the different approaches you can take. It gives you advice on planning for innovation and creating the right business environment to develop your ideas. It also outlines the support available to innovative businesses and helps you evaluate the risks and rewards of innovation.