Factors That Influence Product Innovation

Man and women colleagues discussing work project

It’s not easy to build a successful company. You need to have the idea, have your funding in place, and hope that you’re striking at the right time.

Without a doubt, luck definitely plays a factor when it comes to developing a successful venture. But it’s not just getting the business off the ground that can be a challenge. When you’re in the business world, it’s not possible to sit back on your laurels for too long! Innovation is the name of the game. If you’re not pushing forward and finding ways to improve, then you’ll only be standing still — and that will eventually cause problems.

But of course, if you’re going to spend the time, money, and energy to innovate and produce new products, then you’ll need to have faith that you’re going to get a return on your investment. But this isn’t always possible. Though it’s often an overlooked factor, the governmental approach towards product development plays a big role in whether companies engage in the practice or not.

For example, in areas without intellectual property laws (or where these laws are not enacted), product innovation suffers. That’s because the company cannot be sure their new product won’t be copied by innovators. In areas where these laws are taken seriously, businesses have more faith and courage to innovate. If these safeguards aren’t in place, a company must radically innovate so that their products are too complicated to copy.

To learn more about this, take a look at the infographic from the University of Alabama Birmingham.

Infographic design by University of Alabama Birmingham University of Alabama Birmingham

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Poppy loves personal finance almost as much as she loves her two cats, Tif and Taz.
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