What is innovation?
- Innovation is typically viewed as a process that occurs within businesses.
- As distinct from ’invention’, the first idea for a new product or process, innovation is defined as the commercial exploitation of these new ideas.
- The term innovation can refer to both new products and services and new processes.
- Innovation can refer to products and processes that are new to the market or just new to the firm.
- It can also refer to new ways of marketing existing products, and accessing new markets, either domestically or abroad.
- Importantly, businesses in any sector can be innovative, not just high-tech firms.
Why does innovation matter?
- Innovation is recognised as one of the key drivers of economic growth in Europe.
- Deprived urban areas are less likely than other areas to attract and foster an innovative business base. This has an adverse impact on their prosperity and economic growth.
How can we foster innovation in deprived urban areas?
Policy makers and practitioners can work to promote innovation in deprived urban areas in the following ways:
- Tailored business support initiatives
- Promoting access to finance
- Promoting networking
- Fostering partnership knowledge transfer
- Encouraging innovation and enterprise among young people - Providing incubator space for businesses
- Regenerating deprived areas and attracting inward investment
Entrepreneurship