25TH APRIL, 2019

Tax Cloud's Most Innovative Companies 2019

The buzzword for the year’s most innovative companies is AI. From start-ups to the world’s richest companies, Artificial Intelligence is changing the landscape of business. Some of the cleverest companies are looking at technology and its rapidly increasing uses and making every stage of every search, transaction and sentence easier to complete. Furthermore, long-term plans are behind some of the year’s biggest innovations, taking good ideas and honing them until they’re perfect. We’ve taken some of 2019’s biggest innovators in various sectors and found out how they do it.

The Up and Comer – Stitch Fix

Stitch Fix provides a subscription service for clothes that will fit and are curated to your style. Mixing real-life curation and algorithms, Stitch Fix aims to thoroughly delight with minimal input from the user. Its Style Shuffle function, allowing customers to rate a variety of clothes each day to build the algorithm, has been used by 75% of the 2.9 million users. Using AI to its fullest potential, from deciding what gets delivered to telling stockists when they’re running low, Stitch Fix also creates a direct line for feedback to designers, improving the process from the design level. The company has taken the pain out of shopping and blossomed into a billion-dollar company, having only gone public in 2017, using innovative algorithms to make life easier for millions.

Best in Retail – Amazon

Coming from an online bookstore to a household name and a major player in many sectors, Amazon has a lot to brag about. Prime, drones, one-click, Alexa, Kindles and behind the scenes moves like their cloud services have proven Amazon as the King of fingers-in-pies. Their continuous evolution has allowed them to stay at the top of so many fields. Amazon has incentivised using their platform by including as many of their site-specific perks into Prime, leading to Prime users spending four times as much as non-users. Now, with the creation of smart products, like their assistant Alexa or Fire TV, Amazon is no longer known for e-commerce but has successfully made the jump to tangible products. The secret to this is finding a product people already have and making it better. As Amazon steps into the realm of brick-and-mortar with Amazon Go, a convenience store without check-outs, it certainly feels like we are living in Bezos’ Amazon forest.

Best in Media/Entertainment - Netflix

Disruptive innovation is at the heart of Netflix’s business model, wherein one offers a similar service to a rival’s, but which is cheaper and more convenient, even if lacking in some areas of the precedent’s service. Starting with beating out Blockbuster through their mail order service (less costly, more convenient but without instant gratification), then moving on to disrupting themselves by providing a streaming service, which doesn’t offer the newest movies but is simpler and cheaper. They have also begun trusting machines over man, choosing algorithms over reviews in order to better market their services. The presentation picture of each show is geared to the user, showing a comedic actor over the lead if the user is shown to prefer comedies. Netflix changed the way we watch TV, creating choose-your-own-path films, making adverts seem tedious and a constant flow of new content normal.

Best in Automotive - Tesla

It’s no surprise to see Tesla on this list. Beating out BMW, Tesla has proven itself to be a force to be reckoned with. The wonder-company has managed to make electric cars fast, safe and sexy, with all the mod-cons expected of a modern car. At the core of this is the belief in bettering a product. Elon Musk has amassed a cult following, as he relentlessly pursues his every goal and founding other companies in cutting-edge industries, like SpaceX and OpenAI. By starting with elite, expensive vehicles and moving down the market, like with the Model 3, Tesla has built a reputation for quality – Tesla’s are built for only the tires and wipers to be replaced and their operating systems can be updated as the technology improves. Tesla has also leapt with the best into the world of AI, beginning development on autonomous vehicles in step with many other automotive companies, which will later be able to be downloaded onto older models.  

Best in Tech – Apple

Apple is ubiquitous nowadays, driving innovation in the tech industry. iPhones, iPads, Macs, AirPods, Apple Watches and Home Pods are all stylish and full of good ideas. The key is to create an innovation-friendly eco-system. Every product works with all the others, with its own App Store, which allows the products to download applications which improve the products further. Apple designs its own chips, optimised for its own system. It has also dived into AI, preferring to analyse device to device than in the cloud for privacy reasons, turning a smartphone into a supercomputer in your pocket. Furthermore, Apple is working behind the scenes on many health-based AI projects, like One Drop (to monitor diabetes) or Glow (for reproductive health). CEO Tim Cook doesn’t believe in testing products on the market, preferring to release fully tested and perfectly designed tech.

Final Thoughts

Innovation really comes from a mindset. All these companies have taken an idea – to improve – and pursued it until success. Failures along the way (looking at Amazon MP3) are launch pads for greater successes. Building a culture of innovation and embracing changes in technology and even in the entire direction of a project can lead to great benefits, with the right business acumen and thorough planning.
Barrie Dowsett, ACMA, GCMA
Author Barrie Dowsett, ACMA, GCMA CEO, Tax Cloud
Latest posts
26TH MAY, 2020 How The COVID-19 Pandemic Has Brought Our Supply Chains Into Sharp Focus
19TH MAY, 2020 What Is The Future Fund?
12TH MAY, 2020 Innovation And The Race To Build Ventilators
5TH MAY, 2020 Top 7 Tips For Attracting An Angel Investor
28TH APRIL, 2020 Small Business Tips For Cash Flow During COVID-19
21ST APRIL, 2020 Top Technology Trends Set To Transform The Travel Industry Beyond 2020
15TH APRIL, 2020 Types of Business Crowdfunding
7TH APRIL, 2020 How Previous Pandemics Have Inspired Medical And Social Innovation
2ND APRIL, 2020 Imagine What £65,000 Could Do For Your Innovative Company - Think R&D Tax Credits
2ND APRIL, 2020 Tax Cloud - COVID-19 Update
24TH MARCH, 2020 What Is Entrepreneurs Relief?
17TH MARCH, 2020 How R&D Across The World Is Helping To Fight Coronavirus
11TH MARCH, 2020 Top 10 Reasons Why Your Business Should Invest In Social Media
3RD MARCH, 2020 Top 5 Easy Ways To Speed Up An R&D Tax Relief Claim
25TH FEBRUARY, 2020 How Does Using Tax Cloud Compare To Making A DIY Claim For R&D Tax Credits?
18TH FEBRUARY, 2020 Latest Statistics Around R&D Spending In The UK Since 2017
11TH FEBRUARY, 2020 Easy Mistakes That Accountancy Firms Make Regarding R&D Tax Credits
4TH FEBRUARY, 2020 Tax Cloud Announces New Reduced Pricing
27TH JANUARY, 2020 5 Ways Charities Are Using R&D Advances In Virtual Reality
21ST JANUARY, 2020 Soft Drinks Sector - What Are The R&D Challenges?
15TH JANUARY, 2020 Science Fact: R&D and Eco-Robots
3RD JANUARY, 2020 5 New & Innovative Technologies Helping To Cut UK Food Waste
17TH DECEMBER, 2019 5 (Legal) Ways To Reduce Your Corporation Tax bill
10TH DECEMBER, 2019 Continuing Innovation After Brexit
4TH DECEMBER, 2019 8 Important Factors To Consider When Starting Up A Business
26TH NOVEMBER, 2019 Are You A Growing Business? Get Money From The Government To Help With The Costs
19TH NOVEMBER, 2019 Why Construction Companies Should Embrace R&D Tax Credits
13TH NOVEMBER, 2019 7 Most Common Misconceptions About R&D Tax Credits
5TH NOVEMBER, 2019 How Should I Allocate My Staff Time For An R&D Tax Credit Claim?
31ST OCTOBER, 2019 Do R&D Tax Credits Represent Value For Money For The Government?
22ND OCTOBER, 2019 What Are The Four Main Benefits Of R&D Tax Credits?
14TH OCTOBER, 2019 Flight Shame Has Landed - But Could R&D Be The Aviation Industry's Ticket To Greener Travel?
10TH OCTOBER, 2019 What Power Does HMRC Have Over My R&D Tax Credit Payment?
1ST OCTOBER, 2019 Why Do Some Applications For R&D Tax Relief Fail?
24TH SEPTEMBER, 2019 R&D Tax Credits: What Happens If I Need To Switch From The SME Scheme To The RDEC Scheme, Or Vice Versa
17TH SEPTEMBER, 2019 What Financial Help Is Available In The UK For Entrepreneurs?
10TH SEPTEMBER, 2019 What Consumables Can Be Claimed Under R&D Tax Relief?
3RD SEPTEMBER, 2019 How Long Does It Take For HMRC To Make A Decision On An R&D Tax Credit Claim?
29TH AUGUST, 2019 What Is The Most Efficient Way Of Submitting An R&D Tax Credit Claim?
21ST AUGUST, 2019 Are Businesses In Wales Getting The Most Out Of The R&D Tax Credits Scheme?
13TH AUGUST, 2019 How Can Companies Find Extra Money To Help Prepare For A No Deal Brexit?
6TH AUGUST, 2019 Quick Guide To R&D Tax Reliefs In Engineering
31ST JULY, 2019 Claiming R&D Tax Credits In The Healthcare sector
26TH JULY, 2019 How Can Businesses Make R&D Investment A Priority?
18TH JULY, 2019 How Will Brexit Affect R&D Tax Credits?
12TH JULY, 2019 Tax Cloud Launches In Ireland
5TH JULY, 2019 How To Claim A Critical Tax Boost For Your SME
5TH JULY, 2019 R&D Tax Credits Made Simple And Affordable
28TH JUNE, 2019 Why Are SME’s Missing Out On R&D Tax Relief
14TH JUNE, 2019 Is My SME Eligible For R&D Tax Credits?
3RD JUNE, 2019 Why Use An R&D Portal Over An R&D Advisor?
24TH MAY, 2019 How SMEs Can Benefit From R&D Tax Credits
14TH MAY, 2019 Charities Benefit Following Tax Cloud's Successful Show at Accountex
25TH APRIL, 2019 Tax Cloud's Most Innovative Companies 2019
12TH APRIL, 2019 Accidental Innovation - Tax Cloud's Top 8
5TH APRIL, 2019 A Practical Guide To R&D Tax Relief At Accountex 2019
27TH MARCH, 2019 What Software Projects Qualify For R&D Tax Credits?
15TH MARCH, 2019 3 Automotive Innovations To Look Out For In 2019
1ST MARCH, 2019 What Is Research And Development In Business?
22ND FEBRUARY, 2019 Growth Hack: Tap Into R&D Tax Credits
15TH FEBRUARY, 2019 Beyond R&D Tax Credits - Public Funding For Your Innovative Start-up
1ST FEBRUARY, 2019 5 Steps To Deliver An Optimised R&D Tax Credit Claim
25TH JANUARY, 2019 Top Tax Cloud FAQs
16TH JANUARY, 2019 What Projects Qualify For R&D Tax Credits In The Medical Industry?
11TH JANUARY, 2019 Accounting Practices Are Generating Fee Rates Of £325/hr
2ND JANUARY, 2019 R&D Tax Credits - It's Not As Difficult As You Think
14TH DECEMBER, 2018 4 Ways To Determine If You Qualify For R&D Tax Credits
26TH NOVEMBER, 2018 What Projects Could Be Eligible For R&D Tax Relief In Manufacturing?
2ND NOVEMBER, 2018 How To Know If Your Business Is Entitled To R&D Tax Credits
25TH OCTOBER, 2018 Why Isn’t The Agricultural Industry Claiming R&D Tax Credits?
10TH OCTOBER, 2018 Is Your Business Eligible For R&D Tax Relief?
3RD OCTOBER, 2018 The Most Common Mistakes People Make With R&D Tax Credits
18TH SEPTEMBER, 2018 #1 R&D Tax Claim Portal ‘Tax Cloud’ Launches Xero Integration
14TH SEPTEMBER, 2018 What To Look For In An Online R&D Tax Credits Claim Portal
7TH SEPTEMBER, 2018 5 Ways To Grow Your Accountancy Practice
31ST AUGUST, 2018 Common Pitfalls To Avoid While Claiming R&D Tax Credits
24TH AUGUST, 2018 How Far Back Can I Claim R&D Tax Credits?
17TH AUGUST, 2018 Should I Use A Specialist Or My Accountant For My R&D Tax Credits Claim?
27TH JULY, 2018 3 Things To Consider When Making An R&D Tax Credits Claim
13TH JULY, 2018 R&D Tax Credits – Don’t Fall Through The HMRC Trapdoor
25TH JUNE, 2018 Tax Cloud Shortlisted For Innovation Of The Year
30TH APRIL, 2018 Benefits Of A Self-Service R&D Tax Credit Portal
13TH MARCH, 2018 R&D Tax Credits Platform Tax Cloud Celebrates 100 SME’s Seeking Expert Support
5TH FEBRUARY, 2018 How R&D Tax Credits Can Help Your Startup Grow
29TH JANUARY, 2018 Getting The Best Returns From Your R&D Tax Credits Claim
22ND JANUARY, 2018 Introducing: The Tax Cloud Partner Programme
18TH JANUARY, 2018 What Costs Can You Claim Through R&D Tax Credits?
9TH JANUARY, 2018 Common Misconceptions About R&D Tax Credit Claims
5TH DECEMBER, 2017 R&D Tax Credits Made Simple For Small Businesses
20TH NOVEMBER, 2017 The 3 Things You Need To Consider When Making An R&D Tax Credits Claim
Popular Tags
Start your Tax Cloud claim now Discover if you qualify and ensure your R&D tax claim is maximised. Get started
Powered by Myriad Logo

Myriad Associates helps businesses maximise tax reliefs and secure R&D grant funds. We specialise in R&D Tax Credits, Video Games Tax Relief, Innovate UK grants, Horizons 2020 grants, and Research and Development Capital Allowance Claims.

  • Submitting R&D tax claims since 2001
  • 100% success rate
  • Over £100m claimed and counting
  • Industry leading specialists
  • In-house technical, costing and tax experts
  • Member of the Research and Development Consultative (RDCC) committee

Meet some of the team behind Tax Cloud

Barrie Dowsett Barrie Dowsett ACMA CGMA Chief Executive Officer
David Farbey David Farbey MA, FISTC, FRSA Technical Consultancy Director
Lisa Waller Lisa Waller CTA, ACCA R&D Tax Manager
Lauren Olson Lauren Olson MA, MISTC Senior Technical Consultant