Innovation ‘important in downturn’

The research, among 200 manufacturers suggests the subject of innovation is even more important during an economic downturn than in the normal business climate. Almost half of those surveyed said their focus on innovation and product design had increased due to the growth of global markets and respondents acknowledged that strengthening innovation is one of the ways they can compete with low wage economies such as China and India. Over a third of survey respondents were taking steps to build knowledge and innovation within their business by inviting graduates or post graduates to undertake work placements. Some two thirds were also running internal working groups and cross-team meetings to foster a culture of ideas and knowledge sharing. More than two thirds were also prioritising investment in staff training and skills as a means of ‘future-proofing’ their business against global competition –alongside identifying process efficiencies and negotiating on supplier costs. Dr Debbie Buckley-Golder, programme director at KTP, said: “These are clearly very testing times for the manufacturing sector and businesses must focus both on short term survival, as well as longer term stability in a global marketplace.” The sector’s positive attitude to innovation would help to strengthen sector expertise in the longer term and KTP strongly encouraged more companies to consider collaboration with academic partners, she added. “Our competitiveness in the UK could depend on our ability to share the rich base of knowledge produced by this type of collaboration.”