Top 5 reasons your company should actively embrace innovation

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Innovation can be an important step in a company’s continued success and development. If you’re a start-up, SME, large indigenous or multinational company in Ireland, it should be at the forefront of your thinking. Innovation provides a range of positive advantages which in these uncertain times could provide stability and growth for many Irish companies.

We’ve put together the 5 top reasons why your company should consider including innovation in your business practices.

1. Competitive Advantage

It’s imperative that in an increasingly busy, connected and technological world you gain an edge over your competitors. By including innovation as a natural part of your company’s structure, it allows you to stay ahead, stand out from the crowd and create much-needed differentiation in what can sometimes be a very crowded market place.

2. Meeting consumer needs

Recognising the current needs of your consumer, predicting change and developing your product or service to provide a solution is a critical factor in the success of business today. In today’s fast-paced world, technology and consumer demand change so rapidly that keeping in step with what is required calls for continued research and development of your service, process or product line. Maintaining innovation development in line with your consumer needs will ensure continued success.

3. Development of new and existing markets

Growth is a key factor in the development of any business; in fact, it is an essential element for survival and success. The introduction of innovation practices allows for the continued development of new or existing products or services into markets which may previously have otherwise been limited or closed.

4. Availability of funding

There are many different types of innovation funding available depending on your particular company circumstances. Agencies such as Enterprise Ireland have a range of innovation funding to suit many different circumstances, ranging from €5,000 Innovation Vouchers, Innovation Feasibility studies, Agile Innovation grant right through to larger Innovation Partnerships. Depending on your company’s current status and eligibility, these types of funding have proven to be extremely valuable for many Irish companies.

5. Economic growth

There is no doubt that successful and continued innovation could increase revenue streams and boost company profitability. As your product or service matures in the market, Innovation can play a key role in the continued creation of new opportunities, expansion and growth for your company.

Take a look at our Supports page for more information about available Enterprise Ireland Innovation supports.

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