A recent study has found that only a quarter of UK boards consider innovation a priority; this is a worryingly low number, particularly given the current economic climate. With businesses struggling to survive, it is more important than ever for them to find new ways to grow and prosper. Innovation can be the key to unlocking this growth. Yet, too many businesses fail to put it at the heart of their operations. There are several reasons why this may be the case:
Board members may not fully understand the concept of innovation or its potential benefits.
They may be reluctant to take risks, preferring to stick with tried-and-tested methods.
They may simply not have the time or resources to dedicate to innovation.
Whatever the reason, it is clear that UK businesses need to do more to encourage innovation to compete in the global marketplace.