Albert Einstein is widely credited with saying “The definition of insanity is doing the same thing over and over again, but expecting different results” It really doesn’t matter that there’s absolutely no evidence that Einstein actually made this statement; it’s still a great quote.

It is also the inspiration behind the truism in business that you can never stand still. Whatever you are doing, the effect on your business is to cause growth or decline.

Decline comes when you doing the same thing over and over again, but expect different results. That may well produce revenue, and even growth for a while, but eventually the process will fail and decline will set in.

No, for mid to long term success you will need to innovate. Even if your business plan is to stay the same size, you will need to innovate as old processes and methods lose their impact and competitors move forwards.

So important is innovation to the ongoing success of the UK economy that there are real cash incentives available to reward innovators. And these are in addition to the actual effects achieved as a matter of general outcome from innovation.

For the purpose of gaining these financial incentives what do you have to do to qualify?

There are several hurdles to cross so you can win through.

First the project to try and achieve the innovation must, by definition, have risk attached. It could fail, or require exploring dead ends. That’s normal. And the costs of those dead ends are recoverable.

Secondly it must involve science and technology. It could be a process change applied via software.

The innovation does not have to be revolutionary; disruptive innovations certainly do qualify, but so do evolutionary ones.

Are you being innovative? Want to know more about the incentives? Then call me today.

Tony Lord, R&D Tax Rebate Expert

PS Innovative businesses like yours need more cash, so you can innovate more.

I solve that.