Innovation in Action

Working in the technology industry, we are often asked about innovation and how to do it. Crucially, innovation isn‘t something you can tap into now and again. To be an innovative business and move forward, you need to integrate new thinking into your daily operations. When working with a business I first look at three strategic areas key to creating and embedding such a culture of innovation: 

Environment: Are your departments/teams able to interact easily with one another? Do your operational and strategic employees get together regularly in an engaging space that allows them to think creatively and share ideas?

Community: Is your vision and purpose as a business clear? We exist to ensure our customers stay in business so all our innovation focuses on that one goal. How can we increase productivity for you? How can we reduce costs? How can we enhance security? It all links back to keeping your business in business!&nbsp

Enterprise: The best ideas need a business model and a market. I always like to use Netflix as a great example of innovation. Blockbuster thought everyone would keep coming to their shops to rent videos. They were wrong. Netflix saw their market, had their business model right, and became the success story they are today.

Innovation is the buzz word of Government currently and there are a range of funding streams to support small to medium sized businesses wanting to develop new ideas. This list I have pulled together is by no means exhaustive and it is a good idea to engage with your local Growth Hub  for signposting in your area. With most of these programmes, the new product or process does not have to be new to market only new to your business.

Innovate2Succeed: This is a new programme which offers 7 days of free mentoring to help you develop a new product or process for your business. Contact Alan Malin if you are in Coventry & Warwickshire on amalin@cad.coventry.ac.uk

Knowledge Exchange Network: This is where local universities work with businesses on new ideas allowing use of a PhD student to develop a proof of concept. Their time is up to 75% funded. Coventry University call their programme KEEN and they are particularly strong if you want to make use of a computer science student to develop new digital products or processes. Dr James Convery is leading that at Coventry and his email is James.convery@coventry.ac.uk

Focus Digital: This is a new programme running from Coventry University Enterprises Ltd to support digital creative innovation. They have specific criteria for companies they can work with and the biggest exception is retail. However, if you are a retailer that also manufactures products and you are looking to develop that side of your business then you may still apply. Focus Digital is a mix of fully funded 1 to 1 expertise for a minimum of 5 days to develop your new products or processes. The expertise includes areas like graphic design, programming, and market research. There are also capital grants available up to £6,000. The products and processes either have to be new to you as a business or new to market (or both!) Contact Karen Ison k.ison@coventry.ac.uk for more information

Innovation Networks: This is a programme where you can secure up to £20k in funding on a project you are working on with other businesses / organisations. These grants fluctuate depending on Government focus so best to email innovation@cad.coventry.ac.uk for more information

High Value Manufacturing Catapult: We have both the Manufacturing Technology Centre (MTC) and Warwick Manufacturing Group (WMG) in our area and they make up a substantial part of the UK High Value Manufacturing Catapult. There are a range of grants available to SMEs in manufacturing and best to contact Clive Hickman at MTC enquiries@the-mtc.org or Scott Crowther at WMG Scott.Crowther@warwick.ac.uk 

Other Catapults: There are other Catapults across the UK and if you are interested in Energy I shall be following this blog up with another specifically on that sector

Undergraduate Students: Another option for cost-effective project development of a new idea is to make use of undergraduate students. The University of Warwick have a very active technology society called Warwick Tech as well as Unitemps who specialise in placing students for paid temporary work particularly on computer science & technology projects. Contact Emma Marriott at unitemps@warwick.ac.uk

Innovation isn‘t easy but if we allow our businesses to stand still in reality they move backwards. The world continues to disrupt each and every market and sector. And none of us want to be Blockbuster.

 This was first published in 2017