Consider the business environment for a moment. Customers are becoming increasingly discerning and the competition simply does not stand still.
So why should you get cosy with a same-old, same-old product offering?
The ability to develop innovative new products or processes can give a company a major competitive advantage. It fosters product differentiation, and more importantly, can establish your company as a market leader, setting you apart from industry rivals and giving you stand-out-in-the-crowd status.
Attaining and maintaining that competitive edge however demands commitment to innovation. Every business knows that it needs to innovate to grow and every business should be aiming to acquire the innovative spirit that has become so appealing.
Industry analysts suggest that there are a number of steps companies can take to building competency in innovation. The process, they say includes developing a commitment to product development but also extends to building skills in basic and applied scientific research and enhancing skills in project selection and project management.
All this of course demands investments of time and money. But if you really take the time to think about it, it becomes increasingly clear that imagination is really the No. 1 tool for building creativity and innovation. It is imagination that makes the difference between “same-old, same-old” thinking and “Wow! I never thought of that!” possibilities. And most importantly, use of imagination comes at almost no cost to business.
The BIDC offers an Innovation Support Programme, which provides strictly confidential assistance for creative Barbadians involved in the development, intellectual property protection and commercialization of any new product ideas that they may entertain from time to time.
The Programme aims to ensure that no good ideas are lost due to a lack of financial, technical or other means of pursuing them, linking all of the expertise and skills necessary to assist persons in developing new products/services with good commercial potential. It represents a strategic alliance between the innovators and BIDC for the purpose of realizing the commercial benefits of any innovative ideas conceptualised by private individuals. The BIDC has no interest in the ownership of any intellectual property rights or claims to any commercial benefits that may eventually result from assistance given. The responsibility for protecting the intellectual property rights is entirely that of the client, but the Corporation will guide and assist wherever possible within the extent of its means.
If you believe you have a good product idea or innovation and would like assistance through the Innovation Support Programme, prepare a brief description and relevant sketches of the idea and submit, in person, to the Programme Coordinator or Director of the EDD. Do not mail or leave the information with anyone else.
On receipt of your description and sketches, the Programme Coordinator will convene a meeting of the Appraisal Committee to which you will be invited to outline your idea in person and present a sample or a model. In subsequent steps, the Programme Coordinator will advise and assist you in pursuing the matter as may be warranted.
Contact us if you’re Interested in participating in our Innovation Support Programme.