The research shows that whilst excessive cost is by far the biggest reason to stop innovation programmes, change in management and a lack of skills available are also substantial threats.
“These figures tell a story of UK manufacturing companies taking a cautious and pragmatic approach to innovation,” said Gordon Kirk, event director of Subcon. “This is entirely understandable and has delivered great results throughout the industrial sector. But there is an unmistakable air of missed opportunities."
The research also found that 15% of UK manufacturers and engineering companies collaborate with companies in their own sector and just 3% of respondents collaborate with academia, while a further 9% collaborate with businesses outside their own sector.
Kirk added: “Cross sector collaboration can inject truly disruptive thinking into long-running challenges, and programmes that pull in academia or businesses outside of your own area, can spread the risk of innovation. "
