Latest News | 1 September 2021
Pandemic proves catalyst for innovation study finds
Nine in 10 businesses in the region have innovated in some form due to the pandemic, according to a new report jointly compiled by East Midlands Chamber.
And in addition to responding to the impacts of coronavirus on the economy, the study found that half of the region’s companies did something differently to survive or grow as a result of Brexit.
The new report, called Helping you understand innovation in the East Midlands: Business innovation over the past 12-24 months, was put together by the chamber and audit, tax and consulting services firm RSM.
It found that many businesses expect to continue innovating over the next two years, with 57% planning for new products and services, but others still face barriers ranging from skills to resources to achieving this.
To overcome these challenges, the report features policy recommendations for government, including a call for more financial support to increase innovation and collaboration, aligning R&D incentives with government targets and additional investment into leadership and management resources.
Chris Hobson, the chamber’s director of policy and external affairs, said: “The past two years have seen significant change for businesses’ operating environments, with Brexit swiftly followed by the pandemic.
“While this period has caused huge challenges, new opportunities have also arisen that have encouraged firms to make adjustments to the way they operate, create new products and services, or even pivot their business models in some cases.
“Barriers remain, however, with the most significant being a perceived lack of appropriate funding.
“Further work is needed in this space by funders to understand where current products are falling short and to what extent businesses are aware of funding options available.
“A more general feeling of being too busy is also a significant hurdle.
“Enhanced support for businesses to build capacity among leaders and managers is required to help overcome this.
“As it becomes clearer which changes to the external operating environment are temporary and which are more permanent, businesses will require continued support to further innovate in these areas.”
