Close to half (45%) of Irish businesses are planning to create new products and services in 2015, according to a study by innovation agency jump!.
The study, which surveyed 79 businesses in Ireland (and 102 in the UK) across a broad range of industry sectors, found that 97% of Irish businesses surveyed see innovation as being important to their future success with 52% indicating that innovation will be a ‘primary focus’ in their organization.
Respondents also said that almost a quarter of revenue (24%) is expected to come from innovation activities this year (up from 21% in 2014).
However, innovation is not without its challenges, with a third of businesses surveyed also citing ‘intolerance for potential risk or failure’ and ‘lack of an innovation culture’ generally as obstacles to innovation.
“More needs to be done to foster a culture of innovation within our businesses," said Paul Kelders, jump! managing director. "Fifty-two percent of Irish businesses consider it a challenge, compared to just 34% in the UK. There’s much we can learn from working with the right innovation partners and from looking to other industries such as the start-up community for guidance - to make that entrepreneurial spirit a core competency."
80% of respondents surveyed in Ireland believe the government should do more to foster an innovation culture in this country.
© 2015 - Checkout Magazine by Stephen Wynne-Jones