At GovGrant we are fortunate to have helped over a thousand innovative companies ensure their innovation is recognised and receives the full range of innovation tax incentives. For insights on embedding an effective innovation culture within a company we spoke to Steve May-Russell, Chairman of BIDA, Innovation lecturer & MD of Small fry an innovation, design & development consultancy.
“A key element in successful innovation lies with having the correct foundations in place throughout the business before attempting to shape the future. You can’t introduce innovation in one session, expecting an overnight transformation. For this, you need to begin with the end - the vision. The core principles and key values of the business’ future must be defined to understand and outline the future vision. What got you here won’t get you where you need to be in the future. So, where do you want to be? In today’s world, changing trends and emerging technology proves there is little value in planning for the ‘now’ and instead our efforts must be focused towards the future.
The Ideas & concepts phase is an area where companies should spend time and resources on. Once the area of opportunity is defined, the idea generation process can start. With the whole team on-board and aligned with the businesses vision, ideas can stem from almost anywhere and anyone. It is important to remember, although ideas come from individuals-innovation needs a team. Although many ideas may appear worthwhile initially, they may not be right for the business at that time. The vision and key priorities previously outlined must be considered when choosing what idea to take forward. For context, for every 50 ideas submitted around an opportunity, about 10 will return their investment cost, while two will be the ‘big wins’ with the potential to transform a business.”
A potential solution does exist if we can change the (IP)conversation so the focus is on value creation and not always about protection.Research has shown that companies that have successful innovation programs with an early, aligned and strategic approach to their IP, perform better and grow significantly faster than companies without a formal structured system in place – often growing by a3-fold difference in 5 years.
At GovGrant we find that the R&D process, conducted well, will give companies an excellent, early steer on whether or not they have a patent opportunity, so when our technologists visit a client to evaluate all R&D activities claimable under the R&D tax scheme we also work with them to identify potential patent opportunities within the R&D and help them draft and file a patent application with the intellectual property office (IPO), which when granted, enables our clients to additionally benefit under the Patent Box scheme, reducing corporation tax down to 10% on profits from the worldwide sale of the patented invention once it has been successfully commercialised. Leveraging both the R&D tax credit and Patent Box schemes to reduce the real cost of a client’s R&D investment and facilitate funding a continuous cycle of innovation within the client business.
Do you think what you are doing is innovative? Do you want to sustainably improve & grow your business? Are you developing new products that represent a scientific or technological advance in their field? Or wanting to create commercial value from your IP?Yes? Join GovGrant and us at our June12th, Funding for Innovation – Unleash aBox of Opportunities event, learn more here
Written By: GovGrant