How innovative is the UK?

How innovative is the UK?

Following the greatest economic crisis since World War II, the United Kingdom confronts tremendous hurdles in resuming sustained and equitable recovery. There is an urgent need to assist with the rapid economic and social recovery from the effects of COVID-19. Furthermore, basic issues that existed before the pandemic are likely to define the UK economy for years to come: increased foreign competition; loss of market share in important industries; hollowing out of supply chains; the need to decrease carbon emissions; and regional imbalances.

To address these issues, innovation is very important. The UK economy, like that of other advanced nations, has seen a significant transition away from manufacturing and toward services. However, contrary to popular belief, these new service activities are not necessarily high-value-added or creative. As a result, it is essential to consider innovation trends in the context of wider economic changes. As a result, we will look at the following;

What sector is Innovate UK?
What is an example of business innovation?
How do I get innovative funding UK?

Let us now get into business.

What sector is Innovate UK?

The innovative UK is the United Kingdom's innovation agency, providing funds and assistance to organizations developing innovative goods and services. As part of the United Kingdom Research and Innovation organization, it is a non-departmental public entity that operates independently of the government. Innovate UK began as an advisory body – the Technology Strategy Board – within the Department of Trade and Industry (DTI) in 2004, before becoming an independent body in July 2007 following the DTI's reorganization into the Departments of Innovation, Universities, and Skills (DIUS) and Business, Enterprise and Regulatory Reform (BERR) under Gordon Brown's government.

What is an example of business innovation?

According to the Oslo Manual's fourth and most recent version (2018), there are four examples of innovation:

1. Process Innovation

Process innovation entails establishing new or improved production or delivery methodology, which may include changes in operational procedures, techniques, and equipment or software.

Examples:

The early businesses that gambled on SaaS (software as a service) technologies, such as Talkdesk cloud contact centers, altered the way their customer support operations were organized.
The first hotels to choose to make judgments based on big data, such as insights from the Climber Hotel, altered their decision-making methodology.

2. Marketing Innovation

Marketing innovation refers to the development of a new marketing strategy that results in changes in, for example, the way a product is designed or packaged, as well as other price or promotion decisions.

Marketing innovation example:

The new waste-free container from Haagen Dazs

3. Organizational innovation

The creation of a new organizational strategy that will transform a company's business operations, as well as the way its workplace is structured and its interaction with external stakeholders, is referred to as organizational innovation.

Organizational innovation examples:

The first businesses to embrace a four-day week operating plan of only four days each week
The first company to harness the potential of digital technology by allowing workers to work from home instead of going to the office (depending on the role)

4. Product innovation

The introduction of new or better products or services is referred to as product innovation. These inventions or adjustments might be related to enhancing technical standards, materials, or software, or even progressing on UX (user experience). Product innovations, on the other hand, do not have to increase all functionalities or performance standards. An enhancement or addition of a new function may be combined with the loss of existing functionalities or the downgrading of some other standards.

Furthermore, a product innovation must make available to potential users but does not have to produce revenue. Because if it did, then low-demand technologies, such as free digital items, would be barred. Routine modifications or updates, on the other hand, are not regarded as product innovations because they merely repair mistakes or make seasonal changes.

Product innovation examples:

Lego has begun transitioning its iconic bricks' ingredients to biodegradable oil-based polymers.
The first electric vehicles released to the automotive market were likewise an example of innovation, as are new batteries with longer ranges that are constantly being developed.

How do I get innovative funding UK?

To get Innovative funding you need to have the following;

1. Be a little or large agricultural, growing, or forestry enterprise in Uk.

2. You must be able to demonstrate that you are a well-established firm, including sole proprietorships and partnerships.

3. You need to get a bank account in the United Kingdom.

4. Not received Innovate UK money as a project lead in the previous 5 years.

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Oct 22, 2021 by ebimo-dogubo 1.5K Views