1.1.1.3 Where can I use innovation?

Innovation is key to help your firm grow and expand in a fast changing world. Innovation is tightly linked to the financial performance, as successful innovation can reduce the cost of production of goods or services, open new market niches, introduce new products or services, which will in turn make your firm more profitable in the future.
Any firm, company, organization, and even individual person can be innovative. Innovation is not confined to large businesses with the resources to employ an innovation manager or other highly skilled and specialized staff. Small businesses offer fertile ground for innovation. Many of the key products of the past century have been introduced by small business and this sector continues to produce radical innovations.

Innovation is vitally important to small business. It's the lifeblood of every successful small company, helping it to thrive and be successful!