Many companies now
appreciate the need to invest in research and development within their
organisations. The new challenge is how to stay ahead of the game. As
competitive as it can be for a startup however, there are tips and tricks that
can provide your team with the support they need to stand out in the market.
These ideas should make it easier for your business to innovate and thrive
while shaving off a lot of costs.
Shared office space
The best strategy
for a new business in the innovative space is to look for affordable incubation
centers. For example, there are innovation parks in Manchester that are ideal for
an R&D startup. Luckily, these spaces offer a conducive environment to work
in plus access to facilities such as laboratories and sometimes research
libraries. This will reduce the cost of having to set up these spaces from
scratch. Many of these centers provide office equipment when you commit to the
rental charges. To be part of such a shared office building space that supports
research and development may also motivate your team and keep them sharp as
they interact with people in similar fields.
Collaborate with innovators
On some occasions,
moving forward with a project might mean exploring the possibility of
partnering with bigger companies who have similar interests. Collaborating on
R&D projects often provides more cash flow to conduct core businesses
activities. There are many established companies that would easily inject
capital into your research and development process, as they are keen to explore
ways in which they can increase their revenue and grow their market share.
There are several
options from venture capitalists, angel investors and crowdfunding. The
Government is also investing more into innovation with almost £22 billion set
aside this year for that purpose. It is always a sound idea to get legal advice
on how to protect your intellectual property in such cases but once that is
done it is all systems go! Tapping into collaborative research as a resource
will largely speed up your innovation efforts.
The innovation tax
relief plan was set up to give businesses in research and development the
luxury of knowing that they can experiment on seemingly expensive projects
without worrying about the tax implications they would face. The Government’s
intention is to support such businesses with the expectation that these
innovations can have far reaching benefits to the larger population. Tax relief
can go a long way towards supporting the operations of any innovative startup.
For example, £14.1 million in funding was announced towards the research and
development of a Covid 19 vaccine. As a company, consider seeking advice from
tax advisors like Areande on the credit you might be eligible for even if you
are part of a collaborative project.
Keep it lean
Your vision should
never supersede your resources. It might appear to be the best decision to
spend a lot of your seed money on equipment and staffing but having a lean team
might be of more value to you. For a startup, a lean operation allows you to
invest more money into creating a viable product. Moreover, it also means you
are in a good position to offer your team significant remuneration that will
incentivise them to work harder. When your research and development team is
excited about discovering and learning more, it can only increase your chances
of innovation.
Outsourcing
Outsourcing is a
brilliant way to spend less without compromising on quality. You can always
cross check to see that you are using professionals and hold them accountable
once you contract them. With staff constraints, outsourcing offers a
professional set of hands to come in on a temporary basis. It can also support
the business with skills that may be lacking in your team while controlling
capital costs.
No comments:
Post a Comment