A groundbreaking survey of Welsh firms and individuals aims to find out just how good we are at coming up with new business ideas, and companies throughout the Tenby area are being urged to take part.
The 'Sustainable Innovation in Wales Survey' is designed to explore in-depth what innovative activity is going on within companies, the attitude of business people towards this activity and the factors that influence it.
Organised by the Wales Quality Centre and DNA Wales, the study, which aims to sample around 200 companies covers three broad areas: innovation activity; barriers to innovation and innovation culture.
By getting under the skin of Welsh innovation the two organisations hope to find ways to stimulate more of this activity and use it to strengthen the Welsh economy.
The survey results will provide key pieces of information about the practices employed by the most innovative Welsh companies, and use them to spur less innovative enterprises into action.
Wales Quality Centre works with businesses to improve all aspects of working practice, using a range of business tools, models and initiatives. Data from the innovation survey will be used to help Welsh companies enhance their performance.
David Phillips, chief executive of Wales Quality Centre, said: "Innovation can be a company's biggest asset but to cultivate an innovative economy we need to understand what factors within an organisation stimulate or impede the development of new ideas.
"The survey will help us to do this by studying organisational culture and values. Enterprises that empower their workers and embrace change tend to be more innovative than those who don't.
"Business innovation is vital for the future prosperity of the Welsh economy because it facilitates increased productivity, profitability, competitiveness, and sustainability, as well as providing higher value to customers," he added.
According to statistics from the Work Foundation, innovative companies are up to 40 per cent more productive than those that are not.
DNA Wales is a collaborative network between industry associations, private enterprises, higher education establishments, and the Assembly Government who critically question and challenge conventional management thinking and practice.
Said Dr. Kelly Page-Thomas, of DNA Wales: "Innovative enterprises don't just improve the quality of goods and services; introducing more efficient processes; investing in research and development; acquiring new technologies or machinery; or investing in training. They actually create a culture and environment that nurtures the creative development of their staff."
"Irrespective of which sector an organisation or business operates in, for their future survival they need to be at the cutting edge in order to develop new products and services, and this will only happen through a motivated, skilled, creative workforce," she added.
Mr. Phillips explained: "In my experience many companies that believe they are innovative in reality aren't. For instance, they may employ a small number of innovative staff, but when they leave the innovation leaves with them. Sustainable innovation is the key to success and that involves empowering all staff to be original, creative thinkers."
The results of the survey will be released in October. The findings will help to build a broader picture about what the nations' most successful innovative companies are doing, providing a benchmark for other companies in Wales to aim for.
The WQC and DNA Wales will be contacting companies throughout Wales over the next couple of months urging people to complete the survey. Businesses and organisations are also being encouraged to visit the Wales Quality Centre website at http://www.walesqualitycentre.org.uk">www.walesqualitycentre.org.uk and the DNA website at http://www.dnawales.co.uk">www.dnawales.co.uk where they will be able to complete the survey online.