PRESS RELEASE 1 November 2004
Business must learn art of turning ideas into gold
A lack of understanding of technology and how to commercialise ideas is a threat to the future of the UK's £11.5bn Research and Development industry, claims a local innovation expert in a report published this week.
Anne Miller, Director of The Creativity Partnership Ltd - the most recent spin-out from Europe's top independent technology development and licensing company - and inventor behind more than 30 patents, warns that the R&D industry in the UK is in danger of becoming an "Ivory Tower".
"It's not enough to be a source of brilliant ideas for new technologies. There's a lack of understanding in UK businesses of how to convert ideas into commercial successes, and even a tendency to boast of a lack of technical knowledge. Business people will shout about their management credentials and keep a 'techie' background quiet," said Anne Miller.
"Venture capitalists want robust value creation and capture. It’s no longer enough just to license bright ideas.”
Anne Miller's report, The myth of the mousetrap, is a new contribution to the space for ideas campaign. It gives practical insights into the thought processes behind technological innovations and the challenges involved in making money from ideas.
The East of England Development Agency's space for ideas initiative aims to encourage thinking and debate on the value of creativity and innovation to business, and to help cement the East of England's reputation as the ideas region.
Copies of the report and more information on the space for ideas initiative can be found at www.spaceforideas.uk.com.
Ends
For more information, please contact: Tim Blanchard, Omobono, 01223 307000, tim@omobono.co.uk Notes for editors:
1. The East of England Development Agency (EEDA) is the driving force behind economic regeneration in the East of England: Bedfordshire, Cambridgeshire, Essex, Hertfordshire, Norfolk and Suffolk. EEDA has an ambitious target to make the East of England one of the top 20 European regions by 2010 - the region is currently third out of the 11 UK regions in terms of economic performance, but only 27th out of 77 European regions.
2. The Creativity Partnership was founded in December 2000 to build upon TTP Group's practical expertise in fostering individual and organisational creativity, and to help other organisations with the practical problems of developing an innovative culture within a business environment. The Creativity Partnership is the most recent spin-out of TTP Group plc, itself founded in 1987 as The Technology Partnership (TTP).
TTP is one of Europe's most successful innovation companies. A significant part of its growth has come from the incubation of a series of highly successful businesses with their own proprietary products and technology, making TTP one of the most significant "Cambridge phenomenon" companies. TTP Group's other spin-out businesses include The Automation Partnership, TTP Communications and Myriad. Other companies within the TTP Group include TTP Ventures and TTP LabTech, all focussed on the practical application of innovation.
The growth and success of TTP Group has resulted from its organisational culture. This is carefully designed to combine creativity with a very practical focus on technical and commercial reality.
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