Feature
Enterprise & Innovation
of tax admin and compliance compared to five years ago. And with the recent introduction of the apprenticeship levy, pension auto- enrolment and rising business rates for a significant number of firms, it’s no wonder why. Bearing in mind the “law of finite
resources” if the Government could successfully overhaul the UK’s tax system to reduce its reliance on input taxes and streamline admin it would free up significant business resources for potential investment in innovation and R&D.
Clarify the long term vision for funding innovation post-Brexit As noted above, there is a notable amount of UK Government backed innovation funding (led by Innovate UK). However, far more is currently accessible via EU funded programmes such as Horizon 2020. Businesses and universities need certainty on the extent that they will be able to access such funding post-Brexit and, if they can’t, how the UK Government intends to replace those funding streams and networks.
For businesses Embrace innovation and R&D Investing in innovation and R&D is as much, if not more, about business culture and leadership as it is about financial investment. Seek to create an environment that
recognises, rewards and enables innovation. Make sure it features highly in your business plan and receives the resources it needs (in a way that is proportionate to your business and its aspirations) to deliver tangible results.
Make the most of the support available Every investment comes with a risk of failure. Luckily, there are lot of support organisations, tax incentives, grants and potential partners out there that can help businesses reduce the risks associated with investing in R&D and innovation. Make sure your organisation is making the most of them.
Get involved in Invest to Grow Invest to Grow aims to inspire and inform businesses around investment in R&D, innovation, technology and machinery and how it can help boost productivity through case studies, expert opinion pieces and briefing information. It is a new campaign from the Greater Birmingham Chambers of Commerce, sponsored by the University of Birmingham and MCS Corporate.
You can find out more on the GBCC’s website
www.greaterbirminghamchambers .com/invest-to-grow
‘Seek to create an environment that recognises, rewards and enables innovation’
52 CHAMBERLINK October 2018
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