What We Think

May 13, 2020

Adaptability: The New Competitive Advantage

We are living in times of risk and instability. Over the last decade, new technologies and globalisation have overturned the business environment and have surely caused a certain sense of unease to many CEOs.

That sense of unease has intensified beyond measure following the outbreak of COVID-19. The world has changed, and every single person is having to get used to new norms. 

All this uncertainty poses an enormous challenge for strategy making by businesses. Instead of being good at doing a particular thing or at offering a particular service, companies must be really good at learning how to do new things or offer new services. Organisations that foster rapid adaptation are the ones that sustain a competitive advantage.

SMEs that consider ways of adapting and becoming more resilient in addressing market challenges can benefit from a grant scheme which specifically addresses diversification and innovation. Innovation can be crucial for the survival of the enterprise to ensure its market relevance and improve its performance. Through diversification, fundamental changes and increased investment, the grant supports SMEs to bring to the market significantly improved and advanced products/services to those already offered, whilst offering timely support to nurture the right environment towards the potential future business growth of the enterprise.

The SME Diversification and Innovation Grant Scheme offers the possibility of a grant of up to €200,000 to help businesses diversify or innovate their products or services, where the grant would be equal to 50% of the SME’s eligible expenditure.

Eligible actions will include investment in tangible and intangible assets resulting in product or service development, significantly improved products or services, fundamental changes in production processes, or the acquisition or integration of innovative solutions within the business model. 

EU funds would cover in part costs such as the leasing of privately owned operational premises, construction and upgrading costs, the purchasing of new equipment and plant and machinery, the procurement of patents and licenses as well as wage costs to employ  a Change Manager to drive the necessary change within the enterprise through the diversification or fundamental change initiative.

For further information on this scheme, including on entity eligibility, please contact:

Luana Farrugia

Daniel Attard

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