Britain’s manufacturers are increasing innovation in new products in a bid to grow their presence in emerging markets, a new report from EEF, the manufacturers’ organisation and NatWest has indicated, good news for the many and diverse manufacturing businesses in Stockport.
The Innovation Monitor shows that firms are increasingly implementing ambitious innovation strategies in order to create new opportunities.
More than 70 per cent of manufacturers said they plan to move into new markets on the strength of innovation in products and services, a rise of 54 per cent in the past three years.
Some 71 per cent of companies plan innovation to export to new markets within the next three years, while 73 per cent plan to bring new products to market.
Innovation has always been key for Bredbury based Hughes Safety Showers whose Managing Director Tony Hughes, told Marketing Stockport: “Innovation is tomorrow’s profit”.
David Ost, EEF North West region director, said,
“After a long and slow recovery manufacturers are looking to drive growth through innovation, developing new products and services for new markets.
“However, the demands of selling into new markets have increased the need for speed when it comes to innovation, something that remains a key challenge for manufacturers.
“Encouragingly, Government schemes are well-targeted to help manufacturers, but in order to deliver the stability companies need, there must be a longer-term commitment to innovation funding.”
The EEF/NatWest Innovation Monitor found that Government support is generally well-targeted to meeting companies’ needs, but the EEF is urging the Coalition to build on existing work by raising awareness, ensuring stability and keeping access simple.
It wants the Government to implement various changes including ensuring stability by announcing a long-term commitment to the Technology Strategy Board and improve access to the new network of Catapult Centres by streamlining membership models.
Source: Kirsty Hewitt – ENforBusiness
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