Innovation can often play a critical role in the long-term success of businesses. From economic uncertainty to market fluctuations, a company’s capacity to innovate is often the key factor in its ability to adapt and overcome. Innovation is not just about developing the next revolutionary new product. For many businesses, innovation encompasses making incremental changes. From streamlining production to altering a product line, these improvements can have a cumulative effect, reducing costs and allowing firms to meet the everchanging needs and demands of customers. Even in the face of unpredictability, companies that cultivate an environment of continuous improvement achieve sustained success and capitalise on new opportunities.
In many ways, innovation can be a distance thought for business, however seeking opportunities can often offer valuable direction and spark creative thinking. Crisis often exposes inefficiencies in the way business operates. This can create opportunities to make amendments and reassess business operations that may not have been previously addressed. In navigating challenges, creativity and adaptation is key, as the invention or redevelopment of many new or pre-existing products, processes or services becomes necessary. By engaging innovation at this juncture, businesses can often pivot, helping to adapt to a new normal. In some cases, it may involve completely shifting focus to a new product line or services that is more suited to the dynamic landscapes. Through the process of altering to fit the rapidly changing markets, businesses discover ways to achieving long term success and find new areas of growth that they previously hadn’t discovered.
Innovation is not always an easy journey. For many businesses, such as small and medium-sixed companies (SMEs) may lack the expertise and resources needed to excel. In this case, collaborating with external partners, such as the Technology Gateway programme, can be valuable. Mark Whelan, Technology Gateway Programme Manager, encourages companies to consider innovation as a means of staying ahead of the pack. In particular he suggests using the supports available from Enterprise Ireland to help them interact with the Third Level Sector, and especially the Technology Gateways where the expertise of the academic community is available to help them.
Enterprise Ireland Technology Gateways has been working with Irish industry since 2013, providing innovation supports and solutions. We recognise that companies often differ in the level of innovation support required. This is evident no more so, than in this current climate. The gateways are designed to aid businesses of all sizes, whether it be technological solutions to operate safely, assistance in designing or redesigning a product, or simply a new idea. We can help.
Businesses can gain access to valuable expertise, technology, and R&D capabilities they may not have in-house. Often companies don’t have the time, resources or indeed the equipment to invest in innovation, our Gateways are uniquely positioned to aid companies of all shapes and sizes, often, in time becoming an extension of a company’s R&D unit. By working alongside experts, companies can accelerate their innovation processes to guarantee they stay competitive in an ever-evolving marketplace.
Engaging with innovation ultimately forces businesses to effectively adapt and change. It is the companies that rapidly adapt and react that tend to emerge stronger and become more resilient to potential future disruptions. For those businesses seeking assistance, whether it be an idea for a new product, service or process or are in need of innovation assistance for an existing element, get in touch with us to see how we can help you develop a solution.