The 2016-2018 UK Innovation Survey found that 32% of innovative businesses said that meeting regulatory requirements was of “high” importance to their decision to innovate.
This is an important finding, as it shows that businesses are increasingly looking to innovation as a way to meet regulatory requirements. In other words, they see innovation as a key compliance tool. This is a positive development, as it indicates that businesses are beginning to understand the value of innovation in today’s business world.
It also suggests that government policies and regulations are having a positive impact on business behaviour. The survey’s findings provide valuable insight into the changing landscape of business innovation.