Innovation is a key determinant of economic growth but how many Sheffield City Region businesses consider themselves to be innovators?
The latest Quarterly Economic Survey (QES) is asking regional business leaders this and other important questions to ensure that they are aware, if not already using, the free business support structures available to them for innovation and growth.
“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, Sheffield University Management School.
“Many firms may not consider themselves to be innovators but essentially it means establishing and identifying new ways of working to unlock value through the business model, 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 establish markets. Think about Halo, Air BnB, and Deliveroo – while older, established firms can often struggle to identify opportunities to innovate the business model. 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.”
Says David Grimes, Sheffield City Region Business Growth Hub: “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 competences.
“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 sponsored by The Source, 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 threeminutes 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 entertaining economic update from the well-known economic 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