Business growth through innovation
Innovation can help your business adapt and evolve in order to survive and grow. In your business, innovation may be driven by the need to solve a problem or capture a new opportunity.
Ways to innovate
You could improve how old products or services are used, find new uses for them, or even create new ones. Innovation also includes changes that you make to how your business is run - can you create new processes or a new business model? There are many ways to be innovative. You could implement a big change, a small change, or gradual changes over time. Learn more about becoming an innovative business.
Building a culture that supports innovation can help your business stay relevant, meet challenges, and stay competitive. Innovation is not just about new ideas, but also about new ways of applying ideas.
Encourage innovation by asking staff how they would improve the way they do their job, using business strategies that welcome innovation, reviewing current processes and arranging regular training and networking opportunities for all staff.
Make money from innovation
One way to make money from innovation is to commercialise your idea. Research and evaluate your innovation to find out if it will make your business money. Your idea or plan may sound great, but you need to assess whether your business is ready to sustain growth.
Protect your idea
Protecting your innovation (or your idea) is essential. Whether your idea is a new product or service, or an improvement to an existing product or service, you must protect your intellectual property. Learn more about protecting your idea.
A range of services is available to help you to grow your business through innovation. Learn more about grants and support services for business innovation.
You can also find new customers and new markets through Trade and Investment Queensland.
- Last reviewed
- December 12, 2013