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
- government agencies
- industry associations
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.
Environment for business innovation