How Does Brexit Impact Your Innovation?

Brexit poses a huge challenge to UK product-oriented businesses and innovators due to the uncertainty of achieving a favorable deal with the EU. Theresa May's ability as a key negotiator is being questioned, and she faces a real possibility of being unable to achieve any form of progressive deal with the EU. The continued negotiations and the sustained devaluation of the pound will increase the cost of creating and selling products while making it harder to reach a global audience. Businesses that export their products may have a slight advantage, but they must also reduce costs to maintain their margins. The access that British businesses and innovators will have to the European market is uncertain, and even in the best-case scenario, all transactions would be subjected to higher tariffs and commissions. The cost of creating and selling products is likely to increase over time, and reaching a large, global audience may become more challenging.