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This feeds into the second aspect of Wolcott's model - innovation management.
This involves environmental scanning to carefully identify the projects to be pursued; developing metrics for monitoring progress; and testing the feasibility of a research project through early experimentation at the outset, which helps resolve uncertainty around areas such as resourcing, budgeting and a clearer idea of the outcome.
Even more striking is the finding that those involved in innovation collaborations had exports 10 times above the client average and exceeded the average employment level by 35pc.
Business innovation is about creating and profitably applying new ideas in a company, bringing new products, new processes and new services to customers.
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This should lead to more ambitious ideas with a lower chance of success still being pursued because if they pay off, the return is substantial.
That is why a core tenet of innovation best practice is ensuring the work is tapped into the constant pulse of customers' requirements.
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