Innovation is for all businesses, large or small

Published 24th August 2017 at 1:06pm

Innovation is a key determinant of economic growth but how many Sheffield City Region (SCR) businesses consider themselves to be innovators?

The latest Quarterly Economic Survey (QES), backed by the SCR, is asking regional business leaders just that.

“Many businesses think innovation is about creating new and improved widgets and things; but actually it’s about doing something new to create value. It’s about using the right business model at the right time to develop new products, processes and services,” says Prof Tim Vorley of Sheffield University Management School.

“It means identifying new ways of working to unlock value, as opposed to focusing on the development of new products, processes or services.

“New businesses entering a market are typically well placed to engage in business model innovation with a view to disrupt established markets. Think about Halo, Air BnB, and Deliveroo. That said, the success of large businesses such as ARM and Apple is as much to do with their innovative business models as it is their innovative products.”

David Grimes, Head of Sheffield City Region Business Growth Hub, added: ““Innovation isn’t just for technology businesses; it’s for all businesses, large or small, new and established. The Growth Hub can advise and enable businesses to identify the right support to review current market trends, analyse disruptive technologies, develop and review current business models, and build on core competencies.

“We want to encourage and support more city region businesses to innovate and grow and the Quarterly Economic Survey will help us to ensure that our services are meeting their needs.”

The Sheffield City Region Quarterly Economic Survey also asks how business is faring to create a snapshot of how the regional economy performed over the last three months, and make a forecast for the next quarter.

The results are used by the region’s four Chambers of Commerce, Local Enterprise Partnership, Business Growth Hub, and Sheffield University Management School to influence their mandate of work and ensure the right regional and national support services are available to boost business growth and the local economy.

The Quarterly Economic Survey for Q3 2017 is open until 11 September and takes just three-minutes to complete. Everyone who completes the survey will be entered into a free prize draw to win two return Flybe flights to Berlin, courtesy of Doncaster Sheffield Airport.

The results will be presented at a free Quarterly Economic Survey Breakfast on Friday 27 October at The Source, Meadowhall, alongside an economic update from commentator Justin Urquhart-Stewart and a panel debate on innovation in the region.

To influence policy and decision-making, and win free flights to Berlin, take the survey by 11 September 2017 at screconomy.org.uk/survey.

Follow @SCReconomy on Twitter.

  • THE QES is backed by the Region’s four Chambers, Doncaster MBC, Sheffield University Management School, Sheffield City Region Local Enterprise Partnership and Business Growth Hub, Doncaster Sheffield Airport, Yorkshire Post and The Source.

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Notes

  • Publications summarising the Sheffield City Region Quarterly Economic Survey (QES) results reflecting business trends, local economy, skills and labour and international trade are available on the QES website: www.screconomy.org.uk
  • The survey results are used by the Sheffield City Region Local Enterprise Partnership and four Chambers of Commerce to help set the mandate for their work, to provide the appropriate business services, and to lobby the local, regional and national governments and decision-makers on issues affecting business.
  • The regional QES results are fed into the national Quarterly Economic Survey, run by the British Chambers of Commerce (BCC), which receives over 8,000 responses from firms nationwide each quarter. The survey acts as an economic indicator and is used by the Bank of England’s Monetary Policy Committee as a key benchmark when setting interest rates.
  • The Sheffield City Region Growth Hub is a single point of contact for business growth advice and support in the city region. We work with large and small businesses across the region in a wide a range of sectors – helping to access the right support for them.’
  • The Growth Hub can be contacted 03330 00 00 39 growthhub@sheffieldcityregion.org.uk www.scrgrowthhub.co.uk

For more information about the Sheffield City Region Quarterly Economic Survey, contact Rebecca Leam, Communications Officer, Doncaster Chamber: 01302 640137 rleam@doncaster-chamber.co.uk

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