PRESS RELEASE
28 April 2006

The East of England’s business leaders were last night challenged by one of the world’s most prominent business experts to “accept and control risk” to help grow both their business and the region’s economy.

Robert Heller, management expert and founding editor of Management Today, told them that in order to develop new products and new initiatives they should follow three key elements in order to succeed. They should learn how to accept risk, clearly define their objectives, and focus their efforts on cultural change.

In the third Ideas Audit, organised by the East of England Development Agency (EEDA), Robert Heller visited three of the region’s top businesses – Lotus, in Norwich, Cambridge design Partnership, and VOCA financial services, in Rickmandsworth, Hertfordshire – to discover the secret of their success. The event marked the another milestone for the Space For Ideas campaign, organised by the East of England Development Agency (EEDA), which seeks to raise the profile of the East of England and cement its reputation as Europe’s ideas capital.

Robert Heller revealed his recommendations at a dinner at the new Hethel Engineering Centre, Norwich, which has its official opening today, and his tips focussed on practical suggestions for new product development that that anyone can apply to their business. He said: “In order to succeed, businesses must learn to accept and control risk and continually develop new products – because this delivers the pay-offs.

“The three companies I audited create new products excellently. They continually innovate and generate new ideas so that they do things different and better than their competitors. In a world where physical product advantage can be copied overnight, companies need a constant supply of fresh ideas to keep them at the forefront. On the night I was especially pleased to see people debating the issues and sharing ideas across their tables.”

Those who attended the dinner found it hugely rewarding. Laurence Brooks of Performance Plus Partnership In Hemsby, Norfolk, said: “This was a fascinating night and it was great to see how three very different companies continue their success. They all have one common theme – innovation. It’s been a very useful night and I look forward to using some of the things I learnt tonight at Performance Plus Partnership.”

Full details of Robert Heller’s report and recommendations will be available to download at www.spaceforideas.uk.com by 15 May.

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Notes to editors:

About EEDA

The East of England Development Agency (EEDA) is the driving force behind sustainable economic regeneration in the East of England: Bedfordshire, Cambridgeshire, Essex, Hertfordshire, Norfolk and Suffolk. The vision is for the East of England is to create a leading economy, founded on a world class knowledge base, creativity and enterprise to improve the quality of life for all who live and work here. For further information visit www.eeda.org.uk

About Hethel Engineering Centre

The Hethel Engineering Centre supports Norfolk’s advanced engineering and electronics sector and motorsports’ cluster, which is part-funded by EEDA. It provides a range of specialised support for business and start-ups in the hi-tech engineering field, helping to ensure they are successful and can sustain that success. It features workshops with state-of-the-art machinery, office units, meeting space, and high-quality training facilities. Additionally, it offers a wide range of training courses to ensure that advanced engineering skills are developed in order to build on the excellence of high-performance engineering in the Norfolk economy.

About the Space for Ideas campaign

The East of England - space for ideas campaign was launched in January 2002 to generate value for the region. Grounded in the East of England’s close association with original thinking and innovation, the campaign has received the backing and involvement of some of the country’s most successful individuals and businesses who are both based in the region and continue its heritage of innovation. These include people like Professor Stephen Hawking, Paula Radcliff and Bill Jordan of Jordan’s foods.

Robert Heller

Robert Heller is Britain’s most successful business author and founding Editor of Management Today, Robert is an expert writer on a wide range of management related topics including thinking as a management skill. His management expertise is crystallised in a number of influential and best-selling books, The Naked Manager, The Super Managers and Roads to Success. He is Chairman of the Leading Change Partnership and a leading member of the Global Future Forum. He regularly speaks to management audiences.

For further press information

James Reddy, senior press officer at EEDA, tel: 01223 484624, email: jamesreddy@eeda.org.uk