Income Boosts From Innovation Are Not Just For Laboratories
In an age of rapid change and modernization, hot words such as innovation, research and development, and growth are popularly thrown around. However, what many are still to realize, is the relation of innovation and companies that have nothing to do with lab coats.
Business Innovation quoted Martin Parkinson saying, “We tend to think of innovation as being done by start-ups or people in white coats, but it’s much more than that. By and large our greatest gains have come from building a culture that adapts and diffuses the ideas of others.”
Innovation is for everyone. In fact, Business Insider claims that, “innovation is good for income.” Innovation can be the adaption of a product manufacturing line to include newly redesigned technology or functionality. Innovation can be the development of new software technology that allows vehicles to autopilot completely, differentiating that company from the market. Innovation can be the research and creation of a new screening technology for cancer within the body.
Through the process of research and development (R&D), innovations can increase income when successfully applied. The world’s most successful and innovative companies are known for their large R&D programs turning innovation into business and revenue.
Business Insider reports that the majority of innovation stems from previously existing ideas that are then adapted and altered. For companies that are not yet profitable or for startups investing in R&D, the research and development tax incentive is a valuable tool.
If you would like to discuss the R&D Tax Incentive further, please do not hesitate to contact one of Swanson Reed’s offices today.