Manufacturers given insight into innovation

Run by new product development contractor Pera Technology at its technology centre in Melton Mowbray, attendees at the inaugural 'Inside Innovation' event listened to keynote speaker, Professor Richard Parker CBE, director of research and technology at Rolls-Royce, emphasise the importance of continual research and the development of new technologies and processes to achieve a competitive advantage. The UK's aerospace industry is the second largest in the world, employing 230,000 people across 3,000 companies. It is expected to double in size over the next 10 years, offering a huge opportunity to the UK's manufacturing base. Professor Parker, who is also vice president of the Royal Academy for Engineering, stressed that innovation goes far beyond invention and covers the whole spectrum of product development; from concept through to commercialisation. He also underlined the importance of both small and large manufacturers to the supply chains of global engineering companies such as Rolls-Royce given the anticipated expansion of the UK aerospace sector, and provided an insight into avenues to innovation both in the UK and beyond. Paul Tranter, CEO of Pera Technology, said: "UK manufacturers now have a level of access to both financial and R&D support unseen in previous generations, with the likes of Rolls-Royce heavily investing in their external supply chain and the EU increasing its funding pot for SMEs. "To echo Professor Parker, innovation is an all-encompassing process, not just an inventive spark – but it is the key to really enhancing a company's competitive edge in what is set to be a highly profitable era of British manufacturing." The picture shows Paul Tranter, Pera Technology (left) and Professor Richard Parker, Rolls-Royce.