Innovation is essential to the UK’s economic prosperity and quality of life. The goal of innovation is positive change, to make someone or something better. Innovation leading to increased productivity is the fundamental source of increasing wealth in an economy.
In the past, innovation was thought of as a simple process of investment in fundamental research leading to commercialisation within forward looking commercial enterprises. However, it has been realised that innovation can be driven as much by demand as by supply.
It is now recognised that it is just as important to apply creative and inventive thinking, or methodologies, to tried and tested development technologies and delivery of services. In addition, new product development, sales and marketing processes, service delivery, distribution and end use recycling or disposal can all be potentially improved by innovation.
If we apply innovative thinking and actions to these areas we may enhance productivity and make products or services more effective, desirable and marketable. This means that there is scope for all businesses to develop an innovative approach to spearhead their development and growth.
There is a growing need to create more effective products and services, as well as unlocking talents within the population to encourage more inventive, experimental and revolutionary products and methodologies, in order to become an “Innovation Nation”.
Innovation within Lincolnshire is also critical to the county’s development and prosperity and is being supported and encouraged via the City of Lincoln Council, Lincolnshire Enterprise, Lincolnshire County Council, the Regional Innovation Strategy of East Midlands Development Agency (emda) and the Government Office for East Midlands (GOEM).
Lincoln Think Tank has been developed as an Innovation Centre where businesses can rent space and facilities from which to operate, as well as easily access support and business development advice if required.
East Midland Development Agency (emda) has developed an Innovation Strategy that includes the creation of several business focused innovation networks (iNets) to drive and increase knowledge exchange within four key regional business sectors – food and drink, transport, sustainable construction, healthcare and bioscience. In addition, the Innovation Lincolnshire initiative supplies ‘outreach’ business advice and services to business actively looking to innovate.