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Innovation for business – money and time invested in innovation

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Currently, the UK economy is experiencing a period of weak innovation for business due to the global recession and the aftermath of the country’s crisis of confidence in the 2000s. Investment in innovation remains for now a low priority and this is confirmed by the Nesta’s latest Innovation Index. Nesta is a UK’s innovation foundation (an independent charity) and helps organisations and people bring their ideas to life. The Index shows that investment in innovation by British businesses has fallen by £24bn between 2008 and now.

Between 2000 and 2008, innovation for business delivered 63% of the economic growth in the country, and the latest gloomy statistics should act as a wake-up call for businesses and government. Only 13% of the current innovation investment comes from R&D. The rest is from design, software development, organisational development and innovative training.

Financial investments are not the only means driving innovation. Many companies spend too little time on their innovative strategies and focus solely on making tiny improvements. While owners and managers realise the need for innovation, many fail to innovate in business through dedicating enough time every month on idea generation and discussions

SmartBrief tracks feedback from about 150000 business leaders and poll results reveal that 36% dedicate a small amount (2-4 hours/month) to innovation and idea generation. Being in the driving seat of innovation requires a significant amount (3-5 days/month), and only 20% invest that much time.

New products, processes, services and operational efficiencies are what separates an innovative and competitive company from the rest.  Companies must focus on prioritising the best ideas and investing time in their implementation. Status reports, dashboards and other daily operations are not enough without a proper thought about the future.

An increasing number of companies rely on idea software to help them generate, evaluate and implement new ideas. The easy to use interface and affordability of such tools make them a valuable addition to any company that embraces innovation management.

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