Why innovate

How Might’s clients are looking for innovations that add real and significant value to their business - in terms of things like growth, sales, profits and customer ‘wow’.

Clients may be already successful innovators who want to increase the flow of new innovations or companies which need to kick-start innovation in all or part of their business. Some of the reasons that clients approach us are:

• To grow the business (‘we want to double our earnings in the next 3 years’).
• To increase differentiation for core customers in the face of increased competitive pressure (‘the supermarkets are threatening our value proposition’).
• To address a particular target market where they see a major competitive threat or opportunity. (‘we need to connect with younger customers’).
• To work out how they might develop or use a new or upcoming technology in a way that is relevant to customers (‘we know what’s technically possible, but can’t see the customer value proposition’).
• To reinvent the business model for a tougher economic environment (‘we need a more compelling offering to compete in a recession’).

Innovation has been growing in importance over the last several years. According to a 2007 global survey of senior executives, it is the top strategic priority for 23% of companies and within the top 10 priorities for over 90%. In the UK alone, annual innovation-related spend is estimated to be £40 billion.

The results in terms of business growth are impressive. Based on the latest UK Innovation Survey, innovating companies generate, on average, 37% of their revenue from products and services which are new or significantly enhanced within the previous three years.

In the current economic crunch, we believe that innovation is just as important, but needs to be done at a fraction of its previous cost and with quick, powerful results.  How Might’s unique approach enables it to rise to this challenge.