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 be 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; and/or
- lacks adequate human resources and corresponding knowledge to identfy competitors or promote and deliver the invention to the market.
Resources and assistance
- 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.
- Ideas Online allows you to self-assess the commercial viability of your idea.
- The Innovation Assessment Tool developed by HunterNet and sponsored by NSW Trade & Investment is for the benefit of engineering, scientific and technical businesses in NSW.
- The Australian Technology Showcase
(ATS) team has launched a
suite of free online resources for high growth businesses.
The resources provide a valuable set of free videos, integrated with an online diagnostic tool and related resources to assist you in measuring and managing the high growth potential of your business.
The video seminars feature the 14 Principles of High Growth, developed by prominent serial entrepreneur, academic and angel investor Dr Tom McKaskill. Working with the ATS team in NSW,
Dr McKaskill has now developed his 14 Principles of High Growth into an innovative online tool, providing a framework to measure and manage potential high growth in entrepreneurial businesses.