Innovation key to recovery firms told
BUSINESS innovation must continue if the region is to pull itself out of the recession, a senior partner at Grant Thornton Sheffield is warning.
Research by the accountant’s Sheffield office found that businesses across South Yorkshire are planning to cut spending on research and development due to the current economic conditions.
More than 80% of firms are not planning to increase their spend on innovation and research in the next 12 months while 30% said they were definitely reducing activity.
According to Paul Houghton innovation is central to success in any economy but is even more important during a recession.
“The fact that businesses are potentially looking to cut back on innovation spend is worrying, and we would encourage businesses to continue to push boundaries with their products and services,” he said.
“Sheffield has a strong tradition of innovation in business, and recent success such as the Advanced Manufacturing Park and Sheffield Digital Region project will help the city to continue to move forward.”
To help businessess Grant Thornton is holding an innovation event on July 1 at Electric Works, Sheffield Digital Campus, which will explain how the smartest companies extract value from ideas.
The breakfast debate will feature a panel of guests including a senior editor from the Economist Intelligence Unit, leader of Sheffield City Council Paul Scriven, British inventor Trevor Bayliss, and Professor Richard Jones, pro vice chancellor for research and innovation at Sheffield University.
Venture capitalists and local innovative businesses will also be represented.
Mr Houghton continued: “We’re aiming to generate a lively and informative debate on innovation and how organisations are pursuing this vital capability in challenging times.
“The event will provide an opportunity to discuss and explore key issues raised in a series of reports produced by Grant Thornton in cooperation with the Economist Intelligence Unit.”
Any business leaders with an interest in innovation wishing to attend should email Karen Campbell at Grant Thornton at karen.d.campbell@gtuk.com.
