THE LONDON RITTS Regional Innovation

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THE LONDON RITTSRegional Innovation Technology
Transfer Strategies Innovation in Action

• James Dick
• London Borough of Wandsworth
• London Wandle Valley Partnership

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(No Transcript)
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Economic Profile 1998

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REGIONAL COMPETITIVENESS

• Built on a successful business base
• Successful businesses are Innovative
• Innovation and new technology creates competitive
  advantage..which leads to
• Growth, prosperity, stability, more
  employmentand
• Economic benefits for local community

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Innovation Baseline

• The loss of traditional manufacturing
• Threat to jobs
• The role of Universities and Centres of
  Excellence
• Renewal and reversing decline
• Networking
• New clusters and supply/value chains

• The growth of services
• the emergence of service industry using new
  technology
• SME awareness of change
• How SMEs manage change
• Exclusion of minorities
• Role for large technology companies
• Identity investment

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4 STRATEGIC ACTIONS
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7 SPECIFIC ACTIONS

• Empowerment of SMEs
• Innovative Finance
• Regional focus on Innovation
• Mapping Profiling Clusters
• Matching Training Needs
• Bridging the Gap with R D
• E-Business Solutions

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For each Action there is A Strategic
Theme And One or more Champions
Actions are Transferable
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Strategic Themes set the Framework

• Access to Innovation Finance
• Innovation Concept
• Bridging the Academic Gap
• E-Business solutions

• Risk averse policies discourage innovation
• Innovation is not limited to science inventions
• Research as a source of innovation for SMEs
• Building E-business capacity to prepare SMEs for
  the digital market-place

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ACCES TO INNOVATION FINANCEProject Champion
David Gill, Head of Innovation Growth Unit,
HSBC Bank

• Project supports new research into financial
  needs and constraints faced by innovating SMEs.
• Its objective is to identify at least one
  innovative solution in the search for financial
  instruments for innovating SMES

• Rolling Venture Capital Fund
• Innovation Credit Union
• Engaging Business Angels in innovation
• Benchmarking US practice for transferable funding
  instruments
• Develop a self-assessment tool to prepare SMEs
  for investment readiness

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BUSINESS SKILLS TRAININGProject Champion Jerry
Jackson, Managing Director, H W Wallace Co Ltd

• Management and Business Skills Training must be
  relevant to the needs of SMEs in these times of
  change.
• The objective is to create training packages
  based on consultation between Users, Suppliers
  and Regional Authorities

• Working parties to review and recommend
• Pilot Business Networking Clubs, workshops and
  round tables
• Pilot innovation training assessment/benchmarking
  tool for business advisers and SME self-
  assessment
• Pilot interactive website for skills training
  directory, bulletin board and on-line key skills
  training support

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BRIDGING THE GAP BETWEEN UNIVERSITY SMEProject
Champions Professor David Miles (Kingston
University) and Chris Yapp (ICL Lifelong
Learning).

• The lack of communication between the academic
  and the SME worlds is a barrier to innovation and
  competitiveness.
• The objectives are
• Bridge the communication gap
• Incentives to act
• Win-Win benefit

• Local Champions in universities and SME
  intermediaries
• Networking forum for academics, researchers and
  entrepreneurs
• Working party to recommend on incentives for
  universities
• Interregional benchmarking (Innovating Regions in
  Europe network)
• Pilot to extend scope of TCS
• Trail-blazer Pilot with Kingston White Space
  Studio

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E-BUSINESS SOLUTIONS FOR SMEsProject Champions
Clive Hayward, British Telecom, Peter Russell
Business Link London

• SMEs have to come to terms with the threats and
  opportunities of the internet the unknown
  competitor, the gateway to new business.
• The objectives are
• Raise awareness levels of SMEs
• Prepare SMEs
• Build E-Business capacity

• Coordinate and sharpen regional focus on the
  support of government agencies and corporate
  initiatives
• Involve key technology companies
• Use existing networks and the new RITTS
  innovation networks
• Disseminate E-Business information via friendly
  host websites
• Pilot on-line E-Business self-assessment/preparati
  on tool
• Pilot on-line training tool for employees

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THEINNOVATION TEST BED FOR LONDON
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We Never Forget
Innovation or Elimination