EU survey highlights need for innovation
Innovation is at the heart of company success, driving new ideas and concepts that will ultimately generate profit.
A new EU survey has highlighted this and suggested that SMEs require more help when it comes to commercialising their ideas.
Of more than 11,000 businesses questioned from across the EU, 68% said they felt restricted in what they could achieve by a lack of financial options.
Some 66% of businesses had developed at least one innovation since the beginning of 2011, yet 91% said they had not received any public funding towards it.
Research and development is just one such aspect where funding can be required as it helps to develop ideas into prototypes and products that can later be sent to market.
Innovation also drives competitiveness, a key aspect in business as healthy competition generally leads to a more healthy market for the consumer.
Finding access to funding
Working to provide access to funding that can support SMEs in their quest to innovate is therefore important, as it also provides companies with a certain level of longevity.
Companies with financial issues are far more likely to face an untimely end, although there are procedures that can delay the outcomes.
Seeking corporate insolvency advice and assistance in such situations could be vital to ensuring that a company keeps trading and in protecting any assets that it might possess.
The survey looked at new or upgraded goods, services, marketing strategies and organisational structures, developed since the start of 2011.
UK businesses performed well against others from elsewhere in the EU, while more competitive markets saw greater levels of innovation.
In sectors that are dominated by large companies and wide-scale industry regulations, innovation can be a lot more difficult and can require a far greater level of finance.
The levels of innovation will be highly dependent on the size of the companies involved, as larger companies with greater wealth were more likely to implement changes and new ideas.
By Phil Smith