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Assignment 1 Business Presentation

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Nicola Wright
Nicola Wright

This document discusses innovation, small and medium enterprises (SMEs), and the importance of SMEs for innovation. It defines innovation as the commercialization of new combinations or improvements, and SMEs as businesses with less than 50 employees and £6.5 million turnover (small) or less than 250 employees and £25.9 million turnover (medium). SMEs account for over 99.9% of European businesses and are well-positioned to drive innovation through their flexibility and niche roles. The document also notes recent UK government funding of £6.5 million to support innovation among 180 SMEs and strategies to promote collaboration between SMEs, universities, and research institutions.

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Innovation and SMEs in Media Nicola Wright
What is Innovation? “change that creates a new dimension of performance.” (Drucker, 2005) “Innovation is defined as the commercialisation of all new combinations based on the application of: New materials and components; the introduction of new processes; the opening of new markets; and the introduction of new organisational forms.” (Schumpeter, 1934)
What is an SME? Small is STRONG! SMEs = Small or Medium sized Enterprises Small: Less than 50 employees and less than £6.5million turnover. Medium: Less than 250 employees and less than £25.9 million turnover. SMEs account for over 99.9% of all European business. (2008) SMEs have a pivotal role in the European economy as they are able to quickly respond to new ideas and the rapidly changing market.
What is the importance of an SME for modern day innovation? “Innovation often starts with a tiny idea but it can turn into something legendry.” (Virgin Media Business, 2012) Small firms are more likely to introduce new innovations as they have less commitment to existing practices and products than similar larger firms. Small firms can be important to high-tech sectors as creators of significant innovations due to the niche roles in which they often perform.
Innovation and SMEs...what’s happening? SMEs to benefit from TSB Fund: £6.5m to be shared among 180 firms to boost innovation: “Many small companies have great ideas, but lack the funds to enable them to carry out the important initial feasibility work required to see if their ideas are workable.” (Bott, 2012) Innovation and Research Strategy for Growth: This strategy is a result of the government’s want to make the most of the strengths of the UK, for example; universities, research institutes, small businesses. Willetts stated that, “A new innovation landscape, combined with continued investment and collaboration with business, will ensure that the UK is a world leader in innovation.” (Nathan, 2011)
SMEs...What’s the Innovation? “A good deal of the innovation that happens in the UK comes from SMEs and with innovation comes business growth.” (Gray, 2011) “We recognise that by improving the incentives for companies to innovate they will continue to create life- changing products to drive future innovation and growth.” (Cable, 2011) Evidently, with SMEs making up 99.9% of European businesses, helping to keep them going is seen as the key to innovation.
Bibliography • Al-Hakim, L. And Jin, C., 2010. Innovation in Business and Enterprise: Technologies and Frameworks. Pennsylvania: Business Science Reference • Enterprise Directorate: Small and Medium Enterprise Statistics for the UK and Regions. Availbale at: http://webarchive.nationalarchives.gov.uk/+/http://stats.bis.gov.uk/ed/sme/ [Accessed:21 March 2012] • Nathan, S. 2011. UK innovation strategy means SMEs take centre stage. The Engineer. Available at: http://www.theengineer.co.uk/news/news-analysis/uk- innovation-strategy-means-smes-take-centre-stage/1011174.article#ixzz1nIcCo6uu > [Accessed: 20 March 2012] • Small and Medium Sized Enterprizes: Definitions. Available at: http://www.lib.strath.ac.uk/busweb/guides/smedefine.htm [Accessed 22 March 2012] • Unknown. 2010. SMEs to benefit from TSB Fund: £6.5m to be shared among 180 firms to boost innovation. Innovation News. Available at: http://www.innovationuk.org/news/innovation-news/0270-smes-to-benefit-from-tsb- fund.html [Accessed: 25th March 2012] • Virgin Media Business. 2012. About Innovation Nation. The Guardian. Available at: <http://www.guardian.co.uk/innovation-nation-awards/about-innovation-nation> [Accessed: 20 March 2012]

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Assignment 1 Business Presentation

  • 1. Innovation and SMEs in Media Nicola Wright
  • 2. What is Innovation? “change that creates a new dimension of performance.” (Drucker, 2005) “Innovation is defined as the commercialisation of all new combinations based on the application of: New materials and components; the introduction of new processes; the opening of new markets; and the introduction of new organisational forms.” (Schumpeter, 1934)
  • 3. What is an SME? Small is STRONG! SMEs = Small or Medium sized Enterprises Small: Less than 50 employees and less than £6.5million turnover. Medium: Less than 250 employees and less than £25.9 million turnover. SMEs account for over 99.9% of all European business. (2008) SMEs have a pivotal role in the European economy as they are able to quickly respond to new ideas and the rapidly changing market.
  • 4. What is the importance of an SME for modern day innovation? “Innovation often starts with a tiny idea but it can turn into something legendry.” (Virgin Media Business, 2012) Small firms are more likely to introduce new innovations as they have less commitment to existing practices and products than similar larger firms. Small firms can be important to high-tech sectors as creators of significant innovations due to the niche roles in which they often perform.
  • 5. Innovation and SMEs...what’s happening? SMEs to benefit from TSB Fund: £6.5m to be shared among 180 firms to boost innovation: “Many small companies have great ideas, but lack the funds to enable them to carry out the important initial feasibility work required to see if their ideas are workable.” (Bott, 2012) Innovation and Research Strategy for Growth: This strategy is a result of the government’s want to make the most of the strengths of the UK, for example; universities, research institutes, small businesses. Willetts stated that, “A new innovation landscape, combined with continued investment and collaboration with business, will ensure that the UK is a world leader in innovation.” (Nathan, 2011)
  • 6. SMEs...What’s the Innovation? “A good deal of the innovation that happens in the UK comes from SMEs and with innovation comes business growth.” (Gray, 2011) “We recognise that by improving the incentives for companies to innovate they will continue to create life- changing products to drive future innovation and growth.” (Cable, 2011) Evidently, with SMEs making up 99.9% of European businesses, helping to keep them going is seen as the key to innovation.
  • 7. Bibliography • Al-Hakim, L. And Jin, C., 2010. Innovation in Business and Enterprise: Technologies and Frameworks. Pennsylvania: Business Science Reference • Enterprise Directorate: Small and Medium Enterprise Statistics for the UK and Regions. Availbale at: http://webarchive.nationalarchives.gov.uk/+/http://stats.bis.gov.uk/ed/sme/ [Accessed:21 March 2012] • Nathan, S. 2011. UK innovation strategy means SMEs take centre stage. The Engineer. Available at: http://www.theengineer.co.uk/news/news-analysis/uk- innovation-strategy-means-smes-take-centre-stage/1011174.article#ixzz1nIcCo6uu > [Accessed: 20 March 2012] • Small and Medium Sized Enterprizes: Definitions. Available at: http://www.lib.strath.ac.uk/busweb/guides/smedefine.htm [Accessed 22 March 2012] • Unknown. 2010. SMEs to benefit from TSB Fund: £6.5m to be shared among 180 firms to boost innovation. Innovation News. Available at: http://www.innovationuk.org/news/innovation-news/0270-smes-to-benefit-from-tsb- fund.html [Accessed: 25th March 2012] • Virgin Media Business. 2012. About Innovation Nation. The Guardian. Available at: <http://www.guardian.co.uk/innovation-nation-awards/about-innovation-nation> [Accessed: 20 March 2012]