Businesses should increase competitiveness with innovation, despite the recession
Growth opportunities can and should be exploited during the recession, according to the Knowledge Transfer Partnerships (KTP).
Despite encouraging news from the Office for National Statistics (ONS) that the UK economy is growing faster than initial estimates, the business sector is still coming to terms with the impact of recession, and many firms are understandably cautious about what the future holds.
However, the KTP programme – which is overseen and funded by the Technology Strategy Board and supports business innovation by facilitating collaborative partnerships with further and higher education – insists that now is an ideal time for businesses to increase their competitiveness and create growth opportunities.
KTP Adviser Fiona Nightingale says: “When business is booming, firms often don’t have the time to reflect. Recession provides businesses with an opportunity to capitalise on thinking-time and consider where new products, processes or capabilities are needed to drive growth.
“Doing something new always involves risk, but this can be lessened by ensuring that innovative projects are supported by specialists – and one of the most effective ways to harness this is through collaboration with a higher education institution.”
While more and more businesses are realising the benefits of collaborative-working, many firms are still not looking beyond their current in-house capabilities, which could significantly impede efforts to innovate.
Added the 14 June 2010 in category Innovation News