20 business focus
Innovation: bringing new ideas into practice
So, you’ve got a great idea. But now what? How do you take your innovation from the drawing board and into practice?
One of the defining characteristics of successful small and medium- sized businesses is the ability to bring new ideas to market quickly – they are often more agile than their larger competitors. Being so important to our economic growth and a vital source of new employment, innovation is crucial to the sustainable growth of these businesses. Therefore innovation needs to be part of a high-growth strategy and planned for accordingly.
After all, a new idea without successful implementation is just an invention.
It’s not always easy to successfully commercialise a new idea, however good it is. Whether you’re a start up or a more established company, the expertise and track record of the team at VitalSix can make
a difference. VitalSix specialises in working with the leaders and top teams of ambitious smaller businesses to enable them to disrupt markets, improve profitably, raise investment and develop their teams to build the capacity to manage growth.
To reap profitable rewards from innovation needs more than the ability to turn great ideas into working products. New ideas are not enough – funding for growth and the right commercial and technical skills are also needed, as is solid protection of intellectual property.
In short, what’s needed is a dynamic, self-sustaining culture of innovation.
A holistic view of innovation is important, encompassing the company’s culture, ability and skills to innovate as well as specific product
or service advances. Building the capacity to innovate, exploit and protect innovation as part of an on- going process is important:
• Encourage a broad understanding of innovation across your business; involve different people at different stages of the process.
• Future visioning identifies new technology, market and social trends and collaborative opportunities to accelerate time to market.
• Open and collaborative innovation brings benefits through fundamental changes in attitude and approach. In a traditional closed innovation model ideas are developed in-house, whereas by embracing open thinking competitive advantage is secured from a fresh source of knowledge.
ConnectTVT launches Berkshire’s first pop-up innovation hub
As part of the forthcoming Thames Valley Technology Entrepreneur Week, Connecting Thames Valley Tech (ConnectTVT) in partnership with Oxford Properties is offering technology entrepreneurs in the region the chance to join a new pop- up innovation hub located at Green Park, the prestigious 195-acre business community in Reading. The hub, which opened on September 1, will provide access to a range of resources that will help innovators develop their businesses and ideas.
Based at Lime Square on Green Park, the Grow@Green Park pop- up hub offers a three-month business support programme and collaborative workspace to entrepreneurs developing new technology products and services. Hub residents will benefit from a programme of events, workshops and mentoring designed for their needs.
www.businessmag.co.uk
“Grow@Green Park will give technology innovators in the region the opportunity to connect with industry and business experts and have a flexible workspace where they can collaborate and make new connections,” said Louize Clarke, co-founder of ConnectTVT. “There is a limited number of places for the autumn programme so we are urging entrepreneurs in the region to apply as soon as possible.”
“Oxford Properties is pleased to be involved in the creation of Berkshire’s first pop-up innovation hub in association with ConnectTVT,” said Chris Carter-Keall, head of asset management, Oxford Properties. “The Thames Valley is the largest tech cluster in Europe and we are fortunate to count a number of technology businesses among our customers at Green Park. Residents at the Grow@ Green Park hub will have access
to a variety of contacts and communities that have helped technology businesses grow.”
Eligible individuals and teams can apply online for a place on the Grow@Green Park autumn programme, which runs from September 1 until November 30, at
www.connecttvt.co.uk/ grow, or by contacting Louize Clarke at louize@connecttvt.
co.uk.
Grow@Green Park is one of a number of initiatives planned in the run up to ConnectTVT’s Technology Entrepreneurs Week (November 17-23), which will see a variety of events scheduled across the Thames Valley showcasing the region’s vibrant and entrepreneurial technology scene.
Details:
www.connecttvt.co.uk @connectTVT
www.greenpark.co.uk www.oxfordproperties.com
• Open innovation demands different skills, in particular the ability to effectively collaborate with partners. Take advantage of external expertise to avoid potential costly delays and mistakes.
• Link to relevant business and research networks where intelligent connections can be made to assist idea generation and new product development opportunities.
• Build a strong commercial case to improve your chances of success and securing funding to profitably commercialise your ideas.
With an open-minded approach to new ideas, collaboration and innovation, you will more effectively lead your team to keep ahead of, or leapfrog the competition to maintain profitable sustainable growth.
Contact VitalSix now for a free business review.
Details: Susan Elliott
www.vitalsix.co.uk 0118-9357115
Expansion triggers corporate relocation
Continued economic growth and business expansion are fuelling an increasing number of business relocations across the Thames Valley region, according to the latest edition of Lambert Smith Hampton’s (LSH’s) annual Thames Valley Office Market Report.
The report, now in its sixth year, looks at the dominant commercial property trends in the region with detailed statistics and forecasts for 11 key centres.
LSH’s analysis reveals that businesses in the Thames Valley are once again moving premises to fulfil their growth plans, with 32% of relocations in the past 18 months being triggered by expansion.
A further 41% of businesses relocated due to a lease break or expiry. This compares with 73% in 2011/12.
When deciding on new premises, businesses look primarily at location (mentioned as the primary factor in 41% of relocations), followed by quality (20%) and cost (14%).
THE BUSINESS MAGAZINE – THAMES VALLEY – SEPTEMBER 2014
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