Innovation is an undeniable engine for sustainable growth and strengthening the competitiveness of Small and Medium-sized Companies in Portugal. In the current market context, characterized by rapid technological evolution, digitalization and globalization, companies that invest in innovation are better prepared to address new challenges, managing to increase their productivity, optimize their processes, improve their products, and position themselves in a better way. more competitive, both nationally and internationally.
With regard to competitiveness and productivity, companies that invest in Research and Development (R&D) tend to present better results in terms of operational efficiency and economic-financial performance. According to the National Scientific and Technological Potential Survey Report 2023 (IPCTN 2023), in 2023 Portugal reached 4,523 million euros in total expenditure on R&D activities, which is equivalent to 1.70% of national GDP, with growth 10% compared to 2022. The report also highlights that companies that invest in R&D present, on average, a 25% growth in exports and a significant increase in profitability levels. This indicator demonstrates that the greater the investment in innovation, the greater the capacity of SMEs to expand beyond borders, expanding the target market and ensuring a competitive advantage.
In addition to competitiveness, innovation plays a crucial role in the sustainability of the business model – innovative companies tend to be better prepared to face environmental and social challenges, adopting sustainable practices that, in addition to reducing environmental impact, result in cost savings. long-term scale and efficiency. On the other hand, innovation allows SMEs to adapt their business model to new market realities, finding opportunities that would previously not have been viable for their activity.
To start incorporating innovation into their daily lives, SMEs must carry out an internal diagnosis to identify areas that could benefit from technological or operational improvements. This is followed by the creation of a business culture that values and invests in innovation, encouraging employees to present new approaches and new ideas. Partnerships with universities and research centers, and continuous investment in training for your employees, are also decisive for training your human resources, preparing them to work with new tools and new methodologies. Finally, it is essential to allocate a dedicated budget for innovation, monitoring, on a recurring basis, the return on investments and the results achieved.
Initiatives such as Voice Leadership play an important role in strengthening the financial literacy of Brazilian SMEs, facilitating access to the necessary knowledge so that they can not only innovate, but also effectively manage their resources. By improving their financial capacity, SMEs are better prepared to invest strategically in innovation, allowing them to increase competitiveness and ensure their sustainability in the global market.
In a constantly changing economic context, where adaptation and creativity are critical success factors, innovation gains particular relevance. Investing in innovation is investing in the future. SMEs can count on novobanco on this journey!
