The figures, unveiled at the Venturefest Scotland 2016 event today, highlight the significant benefit that embracing innovation has on generating new products, services, processes, markets and revenue streams for businesses.
The expected sales come from innovation projects that 233 companies across Scotland undertook between April 2015 and March 2016 with Scottish Enterprise support.
Each company provided a sales forecast for the new products and services developed as a result of its innovation project, with a total forecast of £488m in sales over the next three years.
Adrian Gillespie, managing director of Growth Companies, Innovation and Infrastructure, said: “These figures show that the companies we support are turning their ideas into successful products and services.”
“Over the past two years, the companies we work with forecasted £1bn in additional sales, with the majority expected in international markets, highlighting the strong relationship between innovation and international success.
"While we’ve made excellent progress in the last two years, we’re committed to supporting many more companies and being among the most innovative nations by 2020.”
Minister for business, innovation and energy Paul Wheelhouse said: “Innovation is essential for increasing competitiveness and improving Scotland's economic performance as well as the quality of life of those who live here; improving productivity can help keep a business ahead of its competitors, improve market share and profitability and the ability of an employer to improve wages.
“Scotland is a country that has contributed enormously to the modern world, but in today's competitive world economy, increasing Scotland’s business innovation performance is a key priority for the Scottish Government and this is reflected in initiatives such as establishment of Scotland's CAN DO Innovation Forum.
“These figures from Scottish Enterprise indicate that excellent progress is being made towards our goal of helping more companies to innovate, which in turn is helping drive up our national level of business innovation and yielding gains for businesses.It is vital to support many more ambitious companies to grow their revenue through innovating to establish new products and services."
Jas P Wilson a forestry and firewood machinery suppliers and engineers based in Dalbeattie.
worked with Scottish Enterprise through its account management approach to ensure it receives tailored support at the right time to accelerate its international growth. The company now exports its products across the UK, Europe and the rest of the world.
Most recently the company’s managing director participated in a series of innovation workshops designed to identify where innovation could be most beneficial to businesses and provide practical help to embed a culture of innovation.
Billy Wilson, managing director at Jas P Wilson, commented: “The biggest thing that Scottish Enterprise did for us last year was to invite me to the deeper innovation workshop.
“I came back from that looking at innovation in a totally different way. I used to think it was just about product development. Now I realise you can use innovation in all parts of your business.”
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