Innovation a cliche but it's still true

Jun 17 2009 by Chris Millman, The Journal

IT HAS become something of a cliché to state that successful innovation is more important than ever if businesses are to thrive in a fast-changing global market. But that doesn't make it any less true.

Last week saw the launch of the Exploiting Ideas report, outlining the findings of the NECC Innovation Task Group, which I chaired.

BT agreed to work with NECC on this project because we are committed both to innovation within our business, and supporting innovation among our partners, customers and suppliers, through our open innovation framework.

The report is the result of research carried out by NECC with many of the innovative businesses within its membership.

Our task group has been meeting since January to look into what they have achieved, and their opinions on what has helped and hindered them. There is no doubt that we were all impressed by what we saw and heard taking place in businesses of all sizes and sectors in the region.

This success gives great cause for optimism. But it is clear that North East businesses can't afford to rest on their laurels in the present economic climate. The process of innovation must continue in order that our companies can ensure they gain competitive advantage that will be vital in emerging from the economic downturn even stronger.

That means the agencies which work with them can't rest on their laurels either. Businesses must be given every encouragement to innovate and the best possible support as they try to bring new products, processes or services to market successfully. Exploiting Ideas sets out the measures we believe are needed.

Our recommendations include increasing the tax advantages for investment in research and development and in innovative businesses. Public sector agencies who support businesses with funding should also commit to shorter timescales for decisions.

A scheme to offer credits to talented university students who train in skills which are important to North East industry is also suggested.

We look forward to debating our conclusions with decision makers.

Chris Millman is a BT regional board member and chairman of the NECC Innovation Task Force.