People in small business often have bright ideas about new or improved products, services or processes. Generating ideas and being innovative are important to business success.
Research has shown that innovation, when properly managed, produces a higher rate of return than other forms of investment. The New South Wales Government is committed to advancing innovation and provides assistance to interested businesses.
What qualifies as an innovation?
Any original concept, new or improved device, product, material, business process or service falls within the definition of innovation and will be considered for assistance through the Innovation Advisory Services.
Why evaluate or assess an invention?
Only a very small percentage of inventions go forward to make money in the marketplace. It may appear that the invention:
- will not work in the real world
- has no market
- lacks a viable plan for development and commercialisation
- cannot be produced at a competitive price
- lacks people with inadequate knowledge of the market and competitors.
But these factors can be tackled. Start with thoughtful planning and get some advice.
If you have a new idea, or a new product that you think is marketable, the NSW Innovation Advisory Service might be able to help.