Growth firms need more support Bhattacharyya tells Prisk

INNOVATION champion and head of Warwick Manufacturing Group, Lord Kumar Bhattacharyya has told British and European Ministers small firms need nurturing if they are to grow and provide the stimulus to economic recovery.

Business and Enterprise Minister Mark Prisk and vice president of the European Commission Antonio Tajani were both visitors to WMG yesterday for the launch of the facility’s new £12m International Institute for Product and Service Innovation (IIPSI).

The new facility is jointly funded by the European Regional Development Fund and the University of Warwick in a funding partnership brought together by the regional development agency, Advantage West Midlands.

WMG Director Professor Lord Bhattacharyya said: “SMEs are not only a significant part of the economy they are also powerful engines of innovation.  

“We need to nurture that innovative spirit and help it flourish to generate many more new products and new jobs.   

“I am delighted that the Minister and Vice-President were able to come to WMG to see some of the ways in which we support SMEs to bring their innovations to market.”

He said WMG had given direct support to around 1,200 regional SMEs and the launch of the IIPSI would provide it with a further opportunity to work with Midlands SMEs, helping them access some the world’s leading product and service design technology.

In addition to meeting the director, the two Ministers were also introduced to some of the SMEs which had benefited from working with WMG.

They discussed growth policies, particularly how best to encourage SMEs and promote entrepreneurship, how such initiatives could be better promoted across Europe, and how key bottlenecks – both at the national and European level – could be removed.

Mr Tajani, who is responsible for Industry and Entrepreneurship, said: “We have many SMEs in Europe and we want to support them with innovation and through trade links.

“We want to back competitiveness with strong industrial policies. Growth means putting the real economy at the centre of what we do.”

Mr Prisk said the discussions had been useful in helping to identify the barriers SMEs needed to overcome.