Business Wales: Innovation key to business success

Ambition, knowledge and innovation are at the heart of Wales’ approach to economic development, making it an attractive and exciting place to invest. Indeed, knowledge drives innovation, innovation drives productivity and productivity drives growth.

Innovation is what turns ideas into profits; it helps businesses become more competitive, increase sales and tap into new markets. It stimulates success – regardless of the size and scope of a business, coming up with innovative ideas and developing new products, services or processes, and what’s more – successfully introducing them to market, encourages growth and inspires business success.

Well-planned and executed research and development can bear significant rewards and benefits for businesses. It can open up new markets, boost sales in existing ones and increase profitability. It could also, however, be challenging: fully developing an idea and taking it to market could be time-consuming and requires investment in resources, people and expertise.

Innovation support to Welsh SMEs

For SMEs in Wales, help is at hand. The Welsh Government’s flagship business support service, Business Wales, inspires and helps businesses to innovate and develop new products and services; proactively engage in trade within the UK and overseas; upskill staff and ensure fair working conditions and environmental sustainability.

What is more, building an environment where businesses can thrive, giving them the necessary support and foundations to grow, supporting the industries of the future and promoting regional strengths are the cornerstones of the Welsh Government’s unique Economic Action Plan. And innovation is one of the pivotal topics in the Plan as it has the potential to drive change, increase productivity and boost wealth and wellbeing.

Business Wales is freely available and accessible to every start-up or SME in Wales and provides support at every step of their innovation journey. With an experienced team of business advisers and growth specialists, it can help you develop your ideas, discuss their feasibility, explore funding options, commercialise new products, streamline processes and direct you to further specialist support allowing you to create long-lasting relationships.

To find out how Business Wales can help start or develop your business, call 03000 6 03000, follow @_businesswales or visit www.businesswales.gov.wales for further information.