How Much Is Your Innovation Spend?
How much is your innovation spend? This is a question often asked by those who ‘don’t get it’. These are the people who do not understand the concept of innovation and what it can do for them.
There have been many reports, with many more still to come I expect, that analyse the spend of companies on R & D. This is not a direct spend on Innovation but is directly linked. A recent report showed that techMARK firms in the UK claimed to be spending as much as 0.4% of revenue on R & D whilst the average spend over industry sectors was no more than half this figure. The report also states that the spend on R & D is increasing by as much as 4% per year (source Cambridge Design Partnership http://cambridge-design.co.uk/news/patent-box-report).
These figures are very rough and ready but let us take an example of a reasonably sized company with a turnover of £50 milliion. 0.4% of this is £200,000. Your R & D lab would really like to get its hands on a sum like this but what if I suggested to you that ‘real’ innovation could have a much greater effect on the fortunes of your business and could actually cost less?
Read more Business Creativity and Innovation blog.