Don’t stop innovating!

A new CBI/QinetiQ report, examining innovation across a broad spread of service sector firms, reveals how creative innovation has given many of the UK’s most successful services businesses the edge over their competitors. Publishing the report, CBI director general, Richard Lambert urged businesses to keep taking risks with new ideas - even during an economic slowdown. “When times get tough, firms may want to stick to what they know best rather than try out new ideas,” he explained. “But the services sector contributes three quarters of the UK’s economic activity, so its continued dynamism is a matter of vital importance. The only good way to find out what works is to listen to people who know best, which is why the CBI and QinetiQ spent time talking with a wide range of firms. What these companies said makes sense – that successful innovation comes down to people, not just processes, and that trusting your customers and giving your ideas time to develop is vital. When you act, you must move fast and learn from your failures, but don’t beat yourself - or others - up when things go wrong.” The CBI and QinetiQ study found that company culture and market forces are the two main drivers of innovation in the services sector. Having a positive attitude to creativity, risk and failure is vital, and firms that are always willing to learn are also the ones most likely to succeed.