Innovation is crucial in steering the UK into economic recovery – but requires cultural change for it to be optimised, according to Sir Richard Needham, senior independent director of Dyson.
The ex-Minister of Trade spoke at a conference hosted by ANSYS, provider of simulation-led product development.
He said innovation was the only way in which organisations could differentiate themselves from their competitors and warned that cost-containment initiatives could only extend so far. Focusing on reducing costs, at the expense of innovation, was destined to fail.
He said true innovation needs collaboration across research & development, marketing, sales and operations to be successful. Its absence would represent a greater barrier to innovation than government regulation.
