Citation
(2002), "UK business "fails to capitalize on innovation", Industrial and Commercial Training, Vol. 34 No. 4. https://doi.org/10.1108/ict.2002.03734dab.005
Publisher
:Emerald Group Publishing Limited
Copyright © 2002, MCB UP Limited
UK business "fails to capitalize on innovation"
UK business "fails to capitalize on innovation"
UK businesses lack the commitment to capitalize on innovative ideas, despite moves to encourage a more creative working environment.
An Industrial Society report shows that most of the companies surveyed have no strategy for promoting innovation. Only 16 per cent have a strategy in place, and one-quarter address innovation in an ad hoc way.
The report, Managing Innovation, shows that while three-quarters of respondents' organizations encourage and generate new ideas, only half have mechanisms to resource and exploit them. Even less attention is paid to marketing new ideas and capturing different markets.
The manufacturing sector is more likely than public or voluntary organizations to encourage and train managers, provide tools and resources, and build specialist in-house teams for product development. As one respondent said: "A company's innovation and comparative advantage are to be found in its human capital. In times of economic slowdown, creative solutions are vital. The business reaction may be to cut overheads but it could also mean companies downsizing their innovative potential in times of change."