London, (ANTARA News/PRNewswire-AsiaNet) - UK businesses need to invest more money in research and development (R&D) or risk being left behind.
This is the stark message contained in the National Business Awards "Innovation: Evolution or Revolution?" report, being launched at the House of Commons today Thursday 12th June.
The National Business Awards, sponsored by Orange, regularly attracts companies representing more than one third of UK GDP and its 2008 report on innovation reveals the experiences of 200 companies across the UK -- all finalists from the 2007 programme. The report highlights the following trends:
-- In spite of a strong science base, UK businesses as a whole invest less in R&D than their main international competitors
-- Overall UK plc is more of a following nation than a leader in the field of innovation
The report also finds that of the top 25 R&D-investing companies in the world, only one is based in the UK. And the combined R&D spend of the UK's top 25 organisations is less than that of the top four companies globally.
GMTV's John Stapleton and Andy Love MP, Chair for All-party Parliamentary Group for Small Business, are to welcome a panel of senior executives*, including Cobra Beer Founder Lord Karan Bilimoria, to join a fruitful debate on the topic at the House of Commons at 7pm this evening.
Central to the discussions will be whether or not the trend in passive innovation is damaging to the UK plc in the longer term and the need for UK organisations to invest money in R&D to keep up with international competitors particularly in the Far East.
Mike Faulkner, Group Director at The National Business Awards, commented today:
"With the credit crunch continuing to bite and increased competition from Asia's economic powerhouses in India and China, companies in the UK and Scotland must not fall into the trap of cutting R&D spend in a bid to drive down costs."
"While all National Business Awards and National Business Awards for Scotland finalists were shown to have been leading their chosen fields in terms of creativity and innovation the report finds that UK businesses on the whole could do better.
"Innovation can lead to reduced costs, helps firms meet regulatory requirements and reduces their impact on the environment."
Martin Lyne, Marketing Director of Small and Medium Enterprise, Orange, added:
"Creativity and innovation are fast becoming the most important ingredients in successful business; particularly in the current economic climate. It is those organisations who embrace these elements that are able to get ahead of the competition, and be successful.
Orange is absolutely passionate about supporting business excellence and this report, amongst the downbeat findings, does in fact highlight some fabulous examples of organisations at the top of their game."
* The discussion panel at the House of Commons today:
-- Lord Karan Bilimoria Founder and Chairman Cobra Beer Ltd
-- Martin Lyne Marketing Director of Small and Medium Enterprise Orange
-- Andrew Jupp National Head of Tax Tenon
-- Philip Forrest Chartered Marketer and author of Innovation: Evolution or Revolution?
Notes to Editors:
The evidence from the National Business Awards sample of 200 companies in the UK and Scotland shows that innovations are:
-- Focused around services and Systems
-- Largely to do with the adoption IT
-- Dealing with small incremental progression
The National Business Awards has fast become a leading programme in recognising excellence in business achievement, innovation and success in the UK. Launched in 2002, the programme is uniquely open to organisations of all sizes from any industry sector, public or private. The Awards allow the best of British businesses to showcase their achievements and benchmark their successes against firms and bodies of all types. Companies are now being invited to take part in this year's competition.
Made up of 17 categories in 2008, the closing date for entries to National Business Awards is 31st July.
The companies that make the cut will then make presentations, in person, before an independent, expert judging panel. Winners will be unveiled at the prestigious gala Awards dinner at The Grosvenor House Hotel in London on 18 November.
Visit www.nationalbusinessawards.co.uk for further information on how to enter and a full list of the Awards categories.
For further information including a pdf copy of the report Innovation - Evolution or Revolution?, images, video footage and interview opportunities please contact:
Henriette Svensen
PR Manager
The National Business Awards
Telephone: +44 020 7234 8753
Email: hsvensen@cmpi.biz
SOURCE: The National Business Awards
CONTACT: Henriette Svensen,
PR Manager of The National Business Awards,
+44-(0)20-7234-8753,
hsvensen@cmpi.biz
Web site: http://www.nationalbusinessawards.co.uk
This is the stark message contained in the National Business Awards "Innovation: Evolution or Revolution?" report, being launched at the House of Commons today Thursday 12th June.
The National Business Awards, sponsored by Orange, regularly attracts companies representing more than one third of UK GDP and its 2008 report on innovation reveals the experiences of 200 companies across the UK -- all finalists from the 2007 programme. The report highlights the following trends:
-- In spite of a strong science base, UK businesses as a whole invest less in R&D than their main international competitors
-- Overall UK plc is more of a following nation than a leader in the field of innovation
The report also finds that of the top 25 R&D-investing companies in the world, only one is based in the UK. And the combined R&D spend of the UK's top 25 organisations is less than that of the top four companies globally.
GMTV's John Stapleton and Andy Love MP, Chair for All-party Parliamentary Group for Small Business, are to welcome a panel of senior executives*, including Cobra Beer Founder Lord Karan Bilimoria, to join a fruitful debate on the topic at the House of Commons at 7pm this evening.
Central to the discussions will be whether or not the trend in passive innovation is damaging to the UK plc in the longer term and the need for UK organisations to invest money in R&D to keep up with international competitors particularly in the Far East.
Mike Faulkner, Group Director at The National Business Awards, commented today:
"With the credit crunch continuing to bite and increased competition from Asia's economic powerhouses in India and China, companies in the UK and Scotland must not fall into the trap of cutting R&D spend in a bid to drive down costs."
"While all National Business Awards and National Business Awards for Scotland finalists were shown to have been leading their chosen fields in terms of creativity and innovation the report finds that UK businesses on the whole could do better.
"Innovation can lead to reduced costs, helps firms meet regulatory requirements and reduces their impact on the environment."
Martin Lyne, Marketing Director of Small and Medium Enterprise, Orange, added:
"Creativity and innovation are fast becoming the most important ingredients in successful business; particularly in the current economic climate. It is those organisations who embrace these elements that are able to get ahead of the competition, and be successful.
Orange is absolutely passionate about supporting business excellence and this report, amongst the downbeat findings, does in fact highlight some fabulous examples of organisations at the top of their game."
* The discussion panel at the House of Commons today:
-- Lord Karan Bilimoria Founder and Chairman Cobra Beer Ltd
-- Martin Lyne Marketing Director of Small and Medium Enterprise Orange
-- Andrew Jupp National Head of Tax Tenon
-- Philip Forrest Chartered Marketer and author of Innovation: Evolution or Revolution?
Notes to Editors:
The evidence from the National Business Awards sample of 200 companies in the UK and Scotland shows that innovations are:
-- Focused around services and Systems
-- Largely to do with the adoption IT
-- Dealing with small incremental progression
The National Business Awards has fast become a leading programme in recognising excellence in business achievement, innovation and success in the UK. Launched in 2002, the programme is uniquely open to organisations of all sizes from any industry sector, public or private. The Awards allow the best of British businesses to showcase their achievements and benchmark their successes against firms and bodies of all types. Companies are now being invited to take part in this year's competition.
Made up of 17 categories in 2008, the closing date for entries to National Business Awards is 31st July.
The companies that make the cut will then make presentations, in person, before an independent, expert judging panel. Winners will be unveiled at the prestigious gala Awards dinner at The Grosvenor House Hotel in London on 18 November.
Visit www.nationalbusinessawards.co.uk for further information on how to enter and a full list of the Awards categories.
For further information including a pdf copy of the report Innovation - Evolution or Revolution?, images, video footage and interview opportunities please contact:
Henriette Svensen
PR Manager
The National Business Awards
Telephone: +44 020 7234 8753
Email: hsvensen@cmpi.biz
SOURCE: The National Business Awards
CONTACT: Henriette Svensen,
PR Manager of The National Business Awards,
+44-(0)20-7234-8753,
hsvensen@cmpi.biz
Web site: http://www.nationalbusinessawards.co.uk
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