Innovation needs a business-friendly, supportive environment. It requires strong connections between the individuals and organisations involved in developing new and improved products, services, processes and markets.
Although most innovation occurs in business, a range of other organisations have knowledge, skills, ideas and technology that can improve the chances of innovation being successful, or help a business avoid wasting resources in the process. They include:
- universities and research institutes
- innovation hubs Facilitates the interaction between business, industry, research agencies and the public sector to turn an idea into a process, product or service on the market.
- government agencies
- industry associations
- financiers.
For example, a dynamic creative sector can be an incubator for future entrepreneurs and innovators. Or research and development, when coupled with the commercialisation of ideas, can significantly increase the success of an innovative product.
We can also accelerate the uptake of innovation that supports a climate-resilient and regenerative economy.