We’ve switched our classes to live online. For more Covid-19 updates, click here

UK small businesses becoming more innovative, according to report

Innovation is on the rise amongst the UK’s small and medium businesses, according to a report by the Department for Business, Innovation and Skills. The report, which surveyed 29,000 enterprises, found that the UK has seen the biggest boost in innovation since 2010.

The survey looked at how businesses were involved in innovation from 2012 to 2014 and found that over half of UK businesses were actively engaged in developing products and introducing new services.

Out of the companies surveyed, 27 per cent said that they had used new computer software to innovate, 24 per cent used computer hardware, 16 per cent invested in research and development, 15 per cent implemented training for innovative activities, and 12 per cent made changes to their methods of marketing.

Most innovative

The report found that Yorkshire and Humber have the most innovative businesses in the UK, with innovation in these locations increasing by 65 per cent. Innovation rates also increased in the South East by 58 per cent, but dropped to 43 per cent in the South West.

The most innovative businesses were found to be those in the manufacturing sector. This was followed by businesses in the distribution and services sector.

The report also looked at what plans businesses have when it comes to innovation and found that businesses are most likely to innovate to improve their goods and services.

Real opportunities

Business Secretary Sajid Javid commented on the report, stating that innovation can not only “revolutionise the way we live our lives” but can also bring “real opportunities for businesses to tap into and grow.”

“That is why we are determined to make the UK the best place in Europe to innovate and start a company,” he said.

Other News

Technology failures changing consumer attitudes in banking, study shows

A study from data analytics firm Consumer Intelligence has highlighted the impact of technology failures in banking, with more than…

Contactless payments become top choice for UK adults, research shows

Research from comparison website GoCompare Money has shown that contactless payments have become the top choice for UK adults, with…

UK tops US for fintech investment, KPMG figures show

Figures from KPMG have shown that the UK has topped the US in terms of investment in financial technology in…

Back to top