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R&D investment
identity, organisation structure and culture are based, and which delivers today’s profits. Horizon one innovations will be relatively low impact and low uncertainty, extending or incrementally improving the business. Tis is where most companies focus their management attention, but horizon one businesses will eventually flatten or become disrupted. Horizon two encompasses
emerging, fast-rising businesses that have the capacity eventually to transform and become a horizon one business. Tese innovations and business opportunities may show promise, but are not without risk, and require a high level of ongoing investment to achieve any potential for long-term profitability. Horizon three is where new ideas and
Decision-making does not always give sufficient consideration to early stage, high- risk activities that are not yet revenue- generating
potentially cannibalising current operations – but they also have the highest growth potential. Tese are the businesses that offer a long-term platform for growth, and although not all will mature to become horizon one businesses, nurturing horizon three businesses is necessary for the long-term viability of the company. Each horizon requires its
own specific management strategy, performance metrics and leadership styles. Te three horizons should be managed concurrently to
deliver a portfolio of businesses across all three, enabling healthy and continuous growth.
business concepts are created in initiatives such as research projects and pilot programmes. Horizon three initiatives carry with them a high risk of failure, and are oſten not completely aligned with a company’s existing goals or product lines – even
Innovation support Innovate UK works with UK business and academia to support innovation, lowering the risk associated with projects targeted beyond horizon one. Since 2007 Innovate UK has invested £2.5bn in UK innovation. Tis has been matched by £1.8bn funding from industry, resulting in projects with a total
value of £4.3bn. As a result, up to £18bn value has been added to the UK economy. Innovate UK has funded 11,000 projects across 8,500 organisations, creating around 70,000 jobs. Our funding support, in the form of
match-funded grants and loans, provides opportunities for businesses to innovate faster, more intensely, or more collaboratively than they would otherwise. Tere are many ways for innovative businesses to seek finance; from bank loans to equity and crowdfunding. Te funding provided by Innovate UK, however, is fundamentally different in that we: • Offer funding at an earlier stage than banks and equity investors may be willing to, due to technological or commercial risk;
• Conduct independent peer review of applications, meaning we identify and invest in the very best ideas;
• Monitor R&D projects, helping businesses keep their projects on track, while thinking ahead in terms of commercial exploitation aspects;
• Do not take any equity in the business or make any claim on the intellectual property created in the innovation.
Innovate UK provides collaboration support for businesses, researchers, investors and potential customers. We connect innovators through the Knowledge Transfer Network and support them through the Enterprise Europe Network. With cross-sector expertise, strong networks and partnerships with the research councils, we help make the right connections at the right time to accelerate innovation. Innovate UK funds a network of world-
leading technology and innovation centres, called Catapults, which aim to transform the UK’s ability to innovate in key application- driven areas. Each Catapult centre provides businesses with access to facilities, expertise, equipment, skills and partnerships. Innovate UK also supports a Knowledge
Transfer Partnership programme that promotes competitiveness and productivity by bringing new knowledge and skills into businesses, exploring new ideas and approaches, primarily by bringing in a research graduate. It can help businesses turn academic insight into viable products and services, leading to growth and further development. Businesses can start a new collaboration with a university, college or research and technology organisation – working with a knowledge transfer adviser to set this up – or build on an existing relationship. O
Yearbook 2019/2020 • Imaging and Machine Vision Europe 27
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