Innovation is a key economic driver today. It is a fundamental process for the development of new products and services, and it is a tool to increase productivity and competitiveness in the market.
Innovation refers to the creation and use of new methods, ideas, products or services that add value to the economy. Innovation is essential for a company’s long-term survival, and can help increase its profitability.
A study by the consulting firm PwC shows that innovative companies have a profit margin three times higher than non-innovative companies. In addition, according to a report by the European Commission, innovative companies have 12% more revenue and 22% more employees than non-innovative companies.
Innovation can also help companies diversify their product and service offerings. This allows them to reach new markets and increase their profitability through the sale of complementary products. It can also reduce production costs in the long run, which in turn can increase profitability.
Innovation is also an economic engine because it can create jobs and increase productivity. Companies that innovate often need to hire new employees to carry out their innovation projects. In addition, the implementation of new methods and technologies can improve the efficiency and productivity of companies, which increases their ability to produce more with fewer resources.
Governments also recognize the importance of innovation as an economic engine and have implemented policies to encourage innovation in their countries. For example, the European Union has established the Horizon 2020 programme, which provides funds for innovative projects in areas such as renewable energy, digital technology and health.
In conclusion, innovation is a fundamental economic engine for the development of a company and a country. Studies show that innovative companies have a higher profit margin than non-innovative companies, which makes them more profitable and competitive in the market. In addition, innovation can help create jobs, increase productivity and improve the efficiency of the company.
It is also true that the investment in innovative projects is greater than usual, despite the aid, therefore having teams with proven experience, aware of the times, familiar with business strategies and eager to solve problems against the clock , it is essential. In our experience we have come across projects that have not been able to carry out operational prototyping, industrializable or competitive industrializable products, despite large investments in money and time, therefore, experience and skills are key, because many projects are They fall by the wayside for many reasons.
