Most Businesses lack formal process for funding innovation [#ChartoftheDay]

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On average only one-third of businesses have a process for funding tech innovation across the whole business

Our quarterly focus on digital transformation is soon to end, as we pivot to a new focus on eCommerce marketing. But whilst we’re on the subject I thought it was important to highlight the lack of process in place for even larger businesses when funding technology innovation.

Technology innovation will be what brings in the customers of tomorrow. Those businesses who’ve used the latest tech to create the best products and the most seamless customer journeys will be the ones winning in the years ahead.

Yet only a minority of businesses actually have a formal process in place across the business for funding technological innovation. The best performers were businesses with a turnover of over 250 million dollars, but even they had a minority of 45% that were not using formal processes established across the business. Smaller businesses had even lower rates of adoption.

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Colin Cooper is the CEO of Boost Your Business, the leader in marketing and business development for both large and small scale businesses. As one of the most innovative marketing specialists for over a decade, Colin and his team of business and online experts collate their years of know-how and experiences with the Boost Your Business: Body Armour for Business, an online magazine created to provide a holistic resource avenue for everything business, health, and wellness.