Innovation is about making high-value changes to your business that boost efficiency, quality and profits.
Grow your business through innovations that transform your products and services, processes or models.
Your business can innovate in many ways to improve growth: improving processes or adapting your business model, creating new products and services or improving existing ones and improving your interaction with customers.
Integrating new technology into your business is an effective way to innovate.
The South Australia government is supporting innovative entrepreneurs to develop new business, products and services.
Find out more and get involved by going to FIXE.
Innovation can generate opportunities to:
- Increase your growth and profits.
- Make your business processes faster, cheaper and more sustainable.
- Keep up and get ahead of competitors.
- Attract talented employees who want to work for dynamic companies that welcome their ideas.
- Broaden your customer base by capturing customers attracted by your new goods and services, processes or marketing.
Every part of your business can be improved through innovations.
- Product/Service – develop new or existing products, services and technologies. Get advice on developing a new product. Before you take your innovative idea to the market, it’s a good idea to test it first.
- Process/System – improve operational processes such as financial systems, human resource management, production systems, and information technologies.
- Marketing model – improve how products or services are promoted – take advantage of social media and other digital options.
- Business model – revise the structure of your business or develop better relationships with suppliers, distributors and customers.
When to innovate
Anytime can be the right time to innovate. You can start small and build up to something bigger. Look for opportunities including:
- Finding a problem in your business that needs fixing.
- Identifying processes or approaches that don’t meet requirements or deliver enough value.
- Having the funds and the in-house expertise – or collaborating with outside experts.
Collaborate to innovate
If your business is lacking the skills or finances to innovate, teaming up with another business to work together toward a common goal, project or organisational objective might be the answer.
Business collaboration is a way for your small business to expand your client base and tap into new markets by partnering with other organisations to address skill or resource gaps, allowing you to bid for a wider range of work or on larger projects.
Encouraging entrepreneurs in SA
It’s the right time for innovation and entrepreneurship in South Australia. If you’re trying to get a startup or an idea off the ground, you have some dedicated people and resources to help.
The Future Industries eXchange for Entrepreneurship (FIXE) is helping to grow the culture of entrepreneurship in South Australia, guided by our Chief Entrepreneur Andrew Nunn.