InterTradeIreland InterTradeIreland knows how valuable innovation can be for firms — it just needs to get the word out. Firms that engage in innovation are three times as successful as those that do not, according to a new report from InterTradeIreland. It also found that firms are seeking to create competitive advantage by finding ways to increase the efficiency and effectiveness of their innovation processes. Part of the solution to this issue lies in open innovation, he says. This approach takes in organisations outside the firm that can act as catalysts, contributors or collaborators for innovation. These organisations form a wider community — an innovation ecosystem — that firms can leverage. The cross-border study, Leveraging the Innovation Ecosystem for Business Advantage, covers the experiences of over 1, firms on the island of Ireland on their engagement with the innovation ecosystem and on their capabilities, in order to understand how these factors shape the behaviour of firms. The study found that a high proportion of firms 62 per cent have engaged in innovation activity in the past three years and confirms the strong link between innovation and growth. The findings also debunk the myths that innovation is applicable only to large high-tech intertradeireland, and is all about doing RD and inventing new products. The majority of businesses do not engage in RD but can still be very innovative in other areas. Also, the research shows that most innovative firms are micro-enterprises with less than 10 employees and that they come from all sectors of intertradeireland economy. The report also found evidence that innovation that export display a higher level of innovation activity than those that do not. In the context of open innovation, the study found that almost half of firms that innovated in the past leverage external resources and supports and that they do so within the broad phases of the innovation process: Larger firms 55 per cent are more likely to be outward looking than smaller firms 36 per cent while the same holds for exporters 58 per cent and cross-border traders 53 per cent compared innovation domestic firms 31 per cent. Despite the incentives for firms innovation take an open approach to innovation and the availability of supports, just over half of firms innovate without formally leveraging external resources. However, we have all of the components of a full functioning innovation ecosystem in place here on the island of Ireland and we are looking at improving the management of the relationships within it at present. An open innovation system working across Ireland can offer SMEs the potential to source and connect with a wider variety of relevant expertise than that currently available as well as opening up international opportunities, Gough adds. This well connected all-island innovation system that puts enterprise at its centre will ensure creative ideas are nurtured quickly to successful commercialisation. The aim is to have Ireland recognised internationally as a centre of innovation excellence. However, achieving ecosystem aim will require companies be given the help they need to gain innovation to external knowledge, draw on alternative pathways to bring ideas to market, gain greater access to innovation capabilities, and increase speed to market. We are doing okay when it comes to innovation and we are doing particularly well on a number of fronts. However, it is now a ecosystem of how we can become an innovation leader rather than a follower. To do this we need to look at the relationships between all of the actors in ecosystem innovation intertradeireland and analyse how good they are. And where they are weak, we have to look at how they can be improved. Some higher education institutions are good at working with SMEs and other external partners as part of the innovation of open innovation while others are not. InterTradeIreland already has a number of programmes designed not only innovation improve innovation capability at the firm level but also to encourage the development of strong partnership relationships between different actors in the overall intertradeireland. One of the key capabilities in need of improvement is networking. Thankfully, getting firms to engage in innovation is a relatively easy sell. We just have to ask them if they want to grow and succeed and point to intertradeireland finding that innovative firms are three times as successful as firms which do not engage in innovation to get their attention. The aim is to build the connections, both technical and financial, across the island that will deliver the best resources available to innovative firms with creative ideas to commercialise. Business The Economy Your Money Companies Technology Work Commercial Property Comment All Business. Data Privacy Tech Tools Work Businessperson Awards Commercial Property Construction Comment Columnists Innovation Specials Panama Papers Entrepreneur of the Year AIB Start-up Academy Podcasts Business Podcast Partner Innovation Top By using this website, you consent to our use ecosystem cookies. For more information on cookies see our Cookie Policy. The website has been optimised for modern web browsers; for the best experience, please update your browser now. InterTradeIreland InterTradeIreland knows how valuable innovation can be for firms — it just needs to get the word out Firms that engage in innovation are three times as successful as those that do not, according to a new report from InterTradeIreland. Real news has value. For news you can trust. More from The Irish Times Technology. Sponsored Crafting a classic by hand: Global start-ups electrify Dublin with plans to shake up energy market. Brexit and weak taxes leave Government in budgetary straitjacket Most Intertradeireland in Business. Never miss a story. Subscription Bundles Gift Subscriptions Home Delivery. About Us Advertise Contact Us The Irish Times Trust Careers. Our Partners Rewarding Times MyHome. Don't have an account? Subscriber Only Articles The ePaper Subscriber Rewards Subscriber Tour Breaking news app IT Sunday My Account eBooks Email Newsletters Crossword Club Newspaper Archive Sign Out. Not an Irish Times subscriber? 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Cognizant Global Innovation Ecosystem
Cognizant Global Innovation Ecosystem
3 thoughts on “Intertradeireland innovation ecosystem”
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