What Innovation Research Is and Why It Matters

The Startup Visa path is meant for international entrepreneurs to bring innovative businesses to Canada.

Innovation research is, at base, identifying consumer needs – whether known or latent – and providing a solution for them. It leads to the successful management of the innovation process of your product in the long run.

Innovation research is crucial because it can produce more efficient strategies to solve a problem, which can increase productivity and product quality, reduce development/production costs, and optimize development/production processes. All of this will help you convince Designated Organizations of your innovator status, increasing the likelihood of acceptance. 

Startup Visa Services has a proven track record with helping entrepreneurs who seek to move their business to Canada to refine and optimize their innovation research. 

Gaining the Right Knowledge

Only 25% of innovation ideas become commercialized, and only 15% of that portion become successful. It is therefore important for firms to have industry knowledge, customer knowledge, and competitor knowledge to optimize their innovation research and processes – all of which Startup Visa Services business consulting can help with. 

Industry knowledge involves knowing where a gap in needs exists within a particular market sector. Knowing well the sector you are targeting, and how you are truly an innovator will ensure that you are prepared to answer the questions Designated Organizations are going to ask you. Startup Visa Services business consulting can help you research what sets you apart in your industry, i.e. what is special about your product or service and why it is innovative within the Canadian context. 

Startup Visa Services can also help you gain accurate customer and ‘competitor’ knowledge through innovation research. In particular, we research how your innovation solves consumer problems that are not addressed by any other firm, and the size of your potential consumer base. Accordingly, part of the innovation research we do for you involves pinpointing how your business has no competitors, which you can use to convince Designated Organizations of your innovator status, and the financial viability of your business. 

Startup Visa Services has an excellent, experienced team of professionals who dive deep  into the details of your business to refine and truly identify what it is that makes you an innovator within Canada. Let them help you pinpoint your innovator status by applying here: https://startupvisa.ca/apply/.

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