The failure of innovation in UK plc

The Government has recognised that keeping good ideas in the UK is the key to growth and is involved in backing independent partners to boost invention and innovation.

A staggering 54% of all the most successful inventions in the world have come from British inventors over the past 100 years despite that we are not making use of our talents. According to the Sunday Telegraph:

'£8 billion worth of British ideas leave the country annually to be exploited overseas because UK companies are unwilling to adopt new ideas."

The most common complaint is the lack of funding but the real difficulty is not just this. UK plc appears to have lost its ability to use its imagination to bridge the innovation gap. It is the ability to innovate that turns a good invention or idea into a commercially viable product or service. Innovation is a key catalyst for productivity growth."

Those who have been good at innovating new ways of doing things have reaped the benefits. For example: First Direct revolutionised retail banking by focusing upon adding value to its customers through the removal of the traditional branch network.

There are two areas of focus to the launch of a new product or service - the invention and the innovative process that leads to commercial success.

"Inventors like me couldn't survive without innovators to take the product forward as a business." Dr Trevor Baylis, inventor of the wind-up radio.

In a market place that accepts recession and downsizing as the norm, those parts of the organisation most likely to produce new ideas and processes are either side lined because:

• Closing short term business becomes a priority,

• Strategic plans are put on hold,

• Organisational changes become more frequent,

• Budget cuts are commonplace,

or shut down completely.

CHI Strategy is currently talking to a number of organisations about the vital importance of innovation in developing a stronger business.

We are aiding organisations that have innovative abilities with business and financial planning support. And providing the necessary vision, intuition, planning, research, self-confidence and business know how to make new businesses succeed.

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Last updated: 05/06/03

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