But how does a company innovate? It does so by looking critically at the challenges it faces, and how it can meet those challenges. Innovation is not merely about product development, or just the preserve of large corporates boasting big R&D budgets. All businesses should be innovating in processes, skills, management, markets, service, and support - basically every aspect of the business.
If you can honestly say as a business you are doing everything you can to improve, innovate and, more importantly, grow your business, then I applaud you. Read no further! But if you believe you could be doing more, then read on.
The success of your business may depend on continual innovation, and to be an innovative and progressive, growing company, is likely, at some stage, to require access to funding. It may also need additional expertise but lack the internal resources to invest.
All too easily universities are overlooked as a potential partner to address mutual challenges. The perception is often that they are too expensive or businesses simply don’t know where to begin.
I would urge businesses that may sympathise with these perceptions to investigate for themselves if they have not done so already.
Addressing this challenge is something we take very seriously at the University of Birmingham. As an institution we have engaged over 600 high-growth SMEs in over 1000 projects and we are fully informed about the funding available to help them innovate.
If you are interested in discussing this topic with likeminded people, then come to the next Business Club meeting on 24th February where we will be discussing funding, with our speakers from GrowthAccelerator.