Enterprise and Innovation

Innovation & Enterprise

Innovation can be defined as "the successful exploitation of new ideas". It is the successful application of knowledge or techniques in new ways or for new purposes. Innovation is not only about thinking up new ideas, but also about exploiting business opportunities profitably.

Ingenuity is the brand under which the University of Nottingham seeks to promote awareness, understanding and implementation of innovation in a variety of contexts. Some think that innovation applies only to high technology businesses but this is not true! Being innovative involves a mindset that is always striving for improvement, paying close attention to customer needs, and trying to keep ahead of the competition.

Innovation is not the easy option for companies. In the short term, it may reduce the return to investors and stakeholders - they must be convinced that the benefits are worthwhile. Innovation also requires more effort on the part of management but, in the long term, there is no choice but to innovate. Innovation is the lifeblood of success.