𝗗𝗼𝗲𝘀 “𝗶𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻” 𝗿𝗲𝗮𝗹𝗹𝘆 𝗺𝗲𝗮𝗻 𝗺𝘂𝗰𝗵 𝘁𝗼 𝘁𝗵𝗲 𝗺𝗮𝗷𝗼𝗿𝗶𝘁𝘆 𝗼𝗳 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀? 𝗶𝘀 𝗹𝗮𝗻𝗴𝘂𝗮𝗴𝗲 𝗵𝗼𝗹𝗱𝗶𝗻𝗴 𝗯𝗮𝗰𝗸 𝗽𝗿𝗼𝗴𝗿𝗲𝘀𝘀 𝗶𝗻 𝘆𝗼𝘂𝗿 𝗮𝗿𝗲𝗮? 🚀

The word “innovation” can sometimes feel vague or lead to a narrow focus on R&D without a clear path to commercial success. What if we reframed the conversation?

Instead of just “innovation,” let’s talk about growth, technology, and the commercial application of new ideas and new technologies.

This approach focuses on tangible actions that businesses already understand, such as:

• Product and market development
• Applying new technologies
• Developing leadership and management skills
• Strategic business planning and securing finance

Unfortunately “Industrial Strategy” also sets us down the path of sectors BUT many firms develop and grow by converging with technology developed in industries or applications outside their own. Interesting opportunities arise when apply technologies to traditional sectors.

For the sake of innovation, productivity and growth a “no wrong sector” approach needs to be kept in mind.

𝘛𝘩𝘦 𝘳𝘦𝘢𝘭 𝘭𝘦𝘴𝘴𝘰𝘯 𝘪𝘴 𝘵𝘩𝘢𝘵 𝘸𝘦 𝘯𝘦𝘦𝘥 𝘵𝘰 𝘴𝘵𝘳𝘪𝘱 𝘰𝘶𝘵 𝘵𝘩𝘦 𝘱𝘶𝘣𝘭𝘪𝘤 𝘴𝘦𝘤𝘵𝘰𝘳 𝘢𝘯𝘥 𝘢𝘤𝘢𝘥𝘦𝘮𝘪𝘤 𝘭𝘢𝘯𝘨𝘶𝘢𝘨𝘦 𝘧𝘳𝘰𝘮 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘧𝘢𝘤𝘪𝘯𝘨 𝘴𝘶𝘱𝘱𝘰𝘳𝘵 𝘢𝘯𝘥 𝘪𝘯𝘪𝘵𝘪𝘢𝘵𝘪𝘷𝘦𝘴. 𝘓𝘦𝘵’𝘴 𝘵𝘳𝘢𝘯𝘴𝘭𝘢𝘵𝘦 𝘪𝘵 𝘪𝘯𝘵𝘰 𝘢𝘤𝘵𝘪𝘷𝘪𝘵𝘪𝘦𝘴 𝘢𝘯𝘥 𝘣𝘦𝘯𝘦𝘧𝘪𝘵𝘴 𝘵𝘩𝘢𝘵 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴𝘦𝘴 𝘵𝘩𝘦𝘮𝘴𝘦𝘭𝘷𝘦𝘴 𝘪𝘥𝘦𝘯𝘵𝘪𝘧𝘺 𝘸𝘪𝘵𝘩.

We definitely do not want the first thing that businesses see on business support websites to be the titles of some obscure grant funds e.g. “Priority Axis 7 grant for workspace” should be “get financial help for small business premises”

What are your thoughts? Let’s rethink how we talk about innovation.

#BusinessGrowth #Innovation #Technology #Commercialization #Strategy #Leadership