INNOVATIONS
INNOVATION IN A TIME OF BREXIT
Whatever the view of the UK’s decision in the EU referendum (and there’s still debate around what was actually voted for…) there’s no doubt that the EU as we know it is about to change dramatically
In order for companies to flourish in this post-EU world, they will have to utilise every vehicle they can to boost their competitiveness and support their journey to sustained growth.
KEY INGREDIENT FOR GROWTH
The Government is clear that innovation is a key ingredient for that growth. Indeed, the recent ‘Industrial Strategy’ green paper sets out the Government’s ambition to drive up the level of private investment in science, research and innovation across the economy.
STEP CHANGE
“This contract represents a step change for MacGregor in terms of entering a new industry sector,” commented Jan Martin Grindheim, Director, Floating Solutions at MacGregor. “The project hinges on applying proven technology in new applications. MacGregor was chosen for the task because of its long history of designing and delivering very reliable mooring solutions for offshore floating production units operating in harsh North Sea conditions.” The 6MW wind turbines will have a total power-generation capacity of 30MW and provide enough electricity for 20,000 UK homes. They will operate in waters over 100m deep which experience an average wave height of 1.8m. “To give some idea of the scale of the project, the wind turbines will stand at an overall height – from the seabed to the turbine blades – of around 258m, which is nearly three times the height of the Statue of Liberty in New York,” added Mr Grindheim.
KEEPING THE TURBINES TURNING
Regardless of the difficulties imposed by their height and exposed positions, all wind turbines, require regular inspections and maintenance. MacGregor is at the forefront of developing technology to deliver this vital service in a safe and efficient manner.
A notable example is a first-of-its-kind offshore crane that has a full three-axis (x, y and z) heave-compensation system that can keep a suspended load fixed in position relative to the seabed.
MacGregor MORE INFO
One of the key levers in powering that drive is the Research and Development tax credit scheme. The Government’s review of the R&D tax regime has found that the scheme is an effective and internationally competitive element of the Government’s support for innovation. £2.45bn in relief was paid out of the scheme in 2014/15 but, sadly, UK companies are not yet fully galvanising the opportunities for their businesses that can come from it.
AWARENESS
Awareness is at an all-time high, but Jumpstart still comes across businesses that are unaware of the scheme, or think it doesn’t apply to them. They also see many companies who are drastically under-claiming – mostly because they or their advisers don’t have an adequate grasp of the detailed guidelines, or don’t appreciate how their activity can constitute eligibility. There are those who do not recognise that even improving
a product for market by making it faster or more efficient – an evolutionary process – is R&D. It is by no means essential to spend all the time in a white lab coat to be seen as undertaking R&D.
CONTINUAL R&D AND INNOVATION ESSENTIAL
With the UK’s accessibility and connections to the EU set to change, UK companies must realise that continual R&D and innovation is essential to ensure they can remain competitive in the new European and global landscape. The Government is clearly pro-innovation and is putting its considerable resources behind R&D in the UK. It’s up to UK businesses to identify the support available to them and maximise those opportunities to the full.
Jumpstart
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