Innovation is the development and market introduction of a new, redesigned or substantially improved good or service. It requires a disciplined process baed on a clearl defined business development strategy.
New Product Development Strategy
Business success is based on the ability to continue to grow, and while organic growth of the existing business with existing clients may be successful in the short term, a Vision and strategy on how to achieve quantum or significant growth is imperative.
Successful businesses conduct market research, or end user trials to ensure that the new product when launched has a greater chance of success. It provides early warning signals of any problems as well as useful insights on how to diferentiate or make more attractive. It also enables you to obtain even more customer insights.
There are innovation incentives available in Canada . SR&ED is a refundable tax credit, which means that even if your business makes no profit, you will get the appropriate refund back in cash. Besides the eligibility for these investment tax credits, R&D tax incentives provide a full tax deduction in the year the expenditures are incurred, even if they are capital in nature. You can also carry over R&D deductions to the extent that they are not needed in the current tax year.