Uncategorized Archives - Oxford Innovation Advice

Oxfordshire’s Innovation Engine 2023

Posted on July 5, 2023January 30, 2024 by Natasha

An insightful new report and interactive dashboard has been published by Advanced Oxford in conjunction with Elsevier. Oxfordshire’s Innovation Engine 2023 report assesses the growth of the region’s innovation ecosystem over the last 10 years, the challenges ahead and puts forward six actionable recommendations to help Oxfordshire (and other regions) support the government’s ambition for the UK to be a science and technology superpower by 2030.

Here, our managing director Jane Galsworthy gives her reflections on the report and the innovation ecosystem in Oxfordshire.

We welcome this latest report and dashboard by Advanced Oxford. It is clear from the report that Oxfordshire has a thriving innovation ecosystem with a flourishing community of spin-outs and start-ups. In fact, 64% of the region’s businesses are innovation-active according to the UK Innovation Survey and 5,700 patent applications have been made by Oxfordshire based firms and institutions in the last five years (to 2022).

The report highlights some of the great innovative businesses that have been created in Oxfordshire – revealing the county to be an innovation hatchery for the country. Government focus is on levelling up but the report emphasises that the innovation taking place in Oxfordshire generates benefits beyond the county and makes an important contribution to the UK economy.

Oxfordshire remains a great place for innovative businesses to start. Here at Oxford Innovation, we are proud to have played a key role in this ecosystem for more than 30 years, incubating and supporting companies. We help businesses on each step of their journey, from starting-up to scaling-up, through our three core services:

Advice: High quality business support and advice for SMEs
Finance: Access to finance for growing innovative businesses
Space: Environments for entrepreneurs to innovate and collaborate.

We were delighted to see Tokamak Energy and Perspectum showcased in this latest report. Tokamak began its scale-up journey based in our Culham Innovation Centre, raised early stage finance through our Oxford Investment Opportunities Network (OION) and received business coaching to develop their commercial strategy from one of our business support programmes. From those early beginnings, the company now employs 200 people and is making great strides in developing practical applications of fusion technology

Now an international success story, Perspectum started out as a University of Oxford spin-out based in the Oxford Centre for Innovation, which is managed by Oxford Innovation Space and owned by The Oxford Trust. The company also received advice from our team of experts delivering Innovate UK EDGE support to secure funding and develop international partnerships. It has also raised finance through OION. Now a 280-strong team with offices in Boston, San Francisco, Dallas, Portugal and Singapore as well as the UK, the company is another great Oxfordshire success story.

Both companies are excellent examples of how a strong and well-connected innovation ecosystem can support and nurture rapid growth. It is also a reminder that the real outcomes of business support come several years down the line and don’t neatly fit into three year funding cycles.

Alongside the Oxfordshire Innovation Engine 2023 report, Advanced Oxford has also launched an Innovation Dashboard for Oxfordshire. The development of this new interactive dashboard is particularly exciting. It brings together key indicators of innovation and will enable us to track the health of Oxfordshire’s innovation ecosystem and identify emerging trends.

As well as confirming Oxfordshire’s position as an engine of innovation, the report identifies constraints which could impede future growth in Oxfordshire. It highlights the need to improve data connectivity, power infrastructure and the transport system. Space also remains a challenge with over one million square foot demand for office and laboratory floorspace that cannot currently be met.

As a founding member of Advanced Oxford, we know it is important that the views of innovative SMEs are listened to and incorporated into policy and investment decisions because these are the companies that develop new solutions to societal problems and drive growth in the economy. We fully support the six recommendations put forward in Advanced Oxford’s report. We’ll be working closely with Advanced Oxford to get these implemented and ensure that Oxfordshire remains a great place to start and grow an innovative business.

The Oxfordshire’s Innovation Engine 2023 report, authored by Advanced Oxford, can be downloaded at www.advancedoxford.com/innovation-engine

Manufacturing Growth Programme delivers over 12,400 SME jobs

Posted on June 5, 2023January 30, 2024 by Amanda Johnston

One of the UK’s most successful industrial business support programmes comes to an end in June after helping the manufacturing sector to create or safeguard more than 12,435 jobs since 2016.

The Manufacturing Growth Programme (MGP), which is designed and delivered by Oxford Innovation Advice, will see funding from the European Regional Development Fund end and is now urging the Government and local authorities to ensure that tailored advice for manufacturing SMEs is quickly put in place.

A recent independent evaluation* of the programme found that MGP has delivered excellent value for money and achieved real results. The report revealed that over 95% of businesses surveyed expected their business to grow in the next five years, as a result of receiving support from the programme, with 63% identifying the development of new products as one of the key areas. In addition, 63% said they had already seen an increase in turnover, while 52% cited improved productivity as the main outcome of the support received.

MGP was established in October 2016 to address some of the main barriers to growth experienced by SME manufacturers. Since then, it has been providing grant funding for business improvement projects/capital projects and specialist mentoring from industry experts, with 4,564 companies assisted across the East and West Midlands, Yorkshire & Humber and the South East.

Its dedicated team of Manufacturing Growth Managers across England has delivered more than £13.9m of grants that, in turn, have unlocked over £25.7m of private sector investment. Importantly, the programme also generated £42,073 Gross Value Added (GVA) per employee in the companies supported.

Jane Galsworthy, Managing Director of Oxford Innovation Advice – the leading provider of business support programmes for SMEs – explained: “This independent evaluation further demonstrates that specialist business support programmes like our Manufacturing Growth Programme play a crucial role in supporting companies to overcome everyday challenges and barriers to growth. With the new UK Shared Prosperity Fund dividing up funding for business support at a very local level, there is a risk that businesses will only be able to access generic, low quality support which delivers lower value for money, and less measurable impact on businesses and the economy.”

“We’ve proven over the last seven years what targeted support can do for SME manufacturers, helping them accelerate growth, improve productivity and create jobs. With funding for MGP coming to an end, this creates a significant hole in specialist high quality support for SME manufacturers. The results of our own survey** of manufacturers revealed that 91% do not know where to turn for business support once this programme completes.”

She went on to add: “The manufacturing sector is critical to the UK economy as it accounts for around half of all UK exports and nearly 10% of the country’s overall economy (GVA).*** We are keen, therefore, to engage with government agencies and local authorities on how funding can be utilised to provide continued specialist support for manufacturers.”

MGP is the UK’s largest and leading business support programme for SME manufacturers, delivering consistent yet tailored support across 183 local authority areas. The findings of this latest evaluation report have proved that the MGP model has worked effectively to address market failures.

The report additionally highlighted how Oxford Innovation Advice adapted the programme during Covid-19 and Brexit to continue delivering high quality business support and effectively support manufacturing SMEs through these difficult circumstances. In the current economic climate, where businesses face multiple pressures from inflation, high energy prices, supply chain challenges and reduced consumer spending, the programme and its objectives are still as relevant now as they were back in 2016.

Jane concluded: “It is now more important than ever that businesses have access to high-quality business support services and specialist expertise to help them achieve their growth potential. This in turn will enhance the economy, create job opportunities and ensure the prosperity of our local communities.”

Verity Davidge, Director of Policy at Make UK, said: “Manufacturing is central to the future of the UK economy as a provider of high skill, high value jobs, especially in emerging technologies, digitalisation and the move to net zero. SMEs are the absolute backbone of the sector employing the vast majority of people and it’s vital that support programmes are maintained to ensure they can grow and prosper.”

Oxford Innovation Advice has over 30 years of experience in designing and delivering effective business support programmes that generate growth for businesses, local communities and the economy. The team has supported over 33,000 SMEs across the country and developed a suite of innovative resources and tools for businesses, policymakers and funders.

For more information on the Manufacturing Growth Programme, visit www.manufacturinggrowthprogramme.co.uk

*The external evaluation of phase 2 of the Manufacturing Growth Programme was carried out by Paula Rogers Consulting and the report can be accessed here: https://www.manufacturinggrowthprogramme.co.uk/wp-content/uploads/MGP2-Summative-Assessment.pdf
Manufacturing Growth Programme’s SME Manufacturers survey report, published February 2023, can be accessed here: https://www.manufacturinggrowthprogramme.co.uk/sme-manufacturers-survey-report/
*****MAKE UK’s Industrial Strategy Report: https://www.makeuk.org/insights/reports/industrial-strategy-a-manufacturing-ambition

What does the Chancellor’s Spring 2023 Budget mean for SMEs?

Posted on April 3, 2023January 30, 2024 by Amanda Johnston

The Chancellor, Jeremy Hunt, delivered his spring statement on Wednesday (15 March 2023). His speech centred around the four key words of employment, education, enterprise and everywhere, but what does the budget mean for SMEs and do the measures go far enough to drive economic growth?

Our managing director, Jane Galsworthy, has been providing her response to the budget in the national media, which includes a recent article in The Times Enterprise Network.

Here, Jane gives her views on some of the measures announced and the changing business support landscape.

Whilst there are some welcome initiatives, there is perhaps little of immediate help to SMEs struggling with energy costs and inflation. As previously planned, corporation tax is going up on 1^st April 2023 from 19% to 25%. However, the Chancellor has softened this increase with a sliding scale for businesses. This means only around 10% of companies will pay the full 25% rate. This is one small win for SMEs.

Another positive was the announcement on full expensing, which will be introduced from 1 April 2023 until 31 March 2026. This means that every pound a company invests in IT equipment, plant or machinery can be deducted in full from taxable profits. It is a small win for SMEs, but without a long term commitment, it may just bring forward investment rather than encouraging new investment. Announcing this measure when the corporate tax rise was originally announced would have given businesses the ability to factor it into their long term plans.

Although it was good to hear that the tax relief on energy efficiency measures has been extended for two years, I would like to have seen more initiatives to encourage businesses to reduce their energy usage. If the UK and local areas are serious about meeting net zero targets, then there needs to be more incentives and support to stimulate SMEs to prioritise improving their environmental performance. This is a big challenge for manufacturing SMEs who are larger consumers of energy and resources than services businesses.

Our recent report on Supporting Green Manufacturing, which analysed data from over 2,000 SME manufacturers in England receiving support through our Manufacturing Growth Programme, found that most SMEs know they need to improve their environmental performance but are not prioritising investing in projects to address this issue. Fewer than 4% of projects taken forward by companies under the programme focused on environment and sustainability compared to 30% focused on marketing and 24% on productivity. Worryingly, the data analysed indicates that 35% of the SME manufacturers do not know how much energy they use and do not have actions in place to reduce this.

The announcement of Investment Zones in combined authority areas (is an interesting attempt to build strong local clusters through local tax incentives combined with specialist support. Funding will flow in March 2024 so combined authorities have a year to select specific locations and map out the incentives required to drive growth. Unfortunately, these zones are only available in areas in England that are, or have committed to becoming, a mayoral combined authority. So, is this an incentive to encourage more places to become a mayoral combined authority?

Investment Zones will require significant private sector investment alongside Government funding to build thriving Investment Zones.

The Chancellor also indicated that the government will consult on transferring responsibilities for local economic development, currently delivered by Local Enterprise Partnerships (LEPs), to Local Authorities from April 2024. This is good news for places in Combined Authorities, which have strong plans placing SMEs at the heart of their economic development strategies. It is a much bigger ask for the hundreds of smaller Local Authorities, which have a wide range of responsibilities to which business support has now been added.

The fear is that the role of SMEs in driving economic development may be lost at a time when it is most critical.

Recruitment is definitely a big issue for small businesses who are struggling to find the skills that they need so it was good to see a strong emphasis on getting people back into work, including additional free childcare, in the budget. Given skills shortages it would have been good to see more flexible incentives for SMEs to invest in upskilling their workforces. This measure has been well received, but I question whether it is enough to stimulate significant economic growth.

Unfortunately, these initiatives do not form part of a coherent strategy for enterprise and small businesses. In fact, with the recent changes to government departments, it is not clear where responsibility for businesses (and specifically business support) sits with the Department for Levelling Up, Communities and Housing responsible for business support funded via UK Shared Prosperity Funding (UK SPF), the new department for Business and Trade responsible for supporting SMEs with export advice and DSIT responsible for business-led innovation.

Overall, there were some wins for business, but not enough to help SMEs. From our experience of working with over 33,000 SMEs across the country, high energy costs, price rises, supply chain issues, access to finance and skills shortages remain the most pressing challenges they face.

We believe specialist business support programmes like the Manufacturing Growth Programme and Access to Finance, play a crucial role in supporting companies to overcome everyday challenges and barriers to growth. At Oxford Innovation Advice, we’ve seen first-hand how the right expertise can unlock the potential of some of our brightest SMEs. Impartial and high quality business support should be a key priority of local and national economic development plans as thriving businesses are an important element in creating thriving communities, job opportunities and economic prosperity.

Jeremy Hunt has stated that in the autumn budget statement he will return with plans to increase investment in high-growth firms. So, it will be interesting to see what this means in reality.

You can find more information on the Chancellor’s spring statement on the gov.uk website.

Innovators wanted for new Healthy Ageing Innovation Accelerator Competition

Posted on June 29, 2022June 30, 2022 by Amanda Johnston

Oxford Innovation Advice is pleased to announce we have been awarded the contract to run the UK-China Healthy Ageing Accelerator programme on behalf of the UK’s National Innovation Centre for Ageing (NICA).

Working with specialist partners, we will help ambitious businesses to explore the opportunities and new markets for products and services which support healthy longevity.

Using our 30 years of experience in supporting business growth, we will help participating businesses take the steps they need to gear up for growth, and in particular to identify and pursue opportunities in the fast-expanding China market where it is anticipated that the number of people agreed 65+ will double over the next 30 years.

The funding for the NICA UK-China Healthy Ageing Accelerator is provided through UKRI Funding International Collaboration (FIC) Funds by Innovate UK, a council of UK Research and Innovation.

We’re now ready to recruit participants who will receive a fantastic free package of support from highly experienced experts including one to one coaching and masterclasses on the key aspects of business growth with a specific focus on the significant and expanding opportunities in China.

For further details of what’s on offer and how to get involved go to Healthy Ageing Innovation Accelerator Competition (you will need to login or register to view the full details)

Innovators with new product or service ideas that can support people to stay active, mobile and connected as they age can now apply for the Healthy Ageing Innovation Accelerator Competition.

Increasing numbers of people are living longer. However, often this results in more years of life experiencing the negative aspects of ageing meaning we often need more support to maintain quality of life.

Maintaining good health at an older age is therefore fundamental to quality of life allowing us to remain independent, to work or remain active in our local community. It also allows us to maintain and build our social connections and family life and to do the other things that give us all meaning and purpose.

To address this challenge, a new Healthy Ageing Innovation Accelerator Competition is being launched, on behalf of the UK’s National Innovation Centre for Ageing (NICA), to find innovative companies with new product or service ideas that can support us to stay healthy and active to help us to remain mobile and connected as we age.

The programme will explore many aspects of business growth including raising investment and will also examine healthy ageing in the round, with a specific focus on China and the potential commercial opportunities for British products and services, in a market that has the potential to reach £1.88 trillion by 2025

For a further more detailed assessment please read the recent NICA Horizoning Report into Functional Mobility and Gait in China.

With China’s market being the largest geographically-defined opportunity, the Accelerator Programme includes a de-risking pathway to enter this market and make UK businesses competitive as well as growth and export-ready.

The challenge is aimed at high-growth potential companies of any size and from any part of the UK and will provide expert support to help companies to maximise their business growth including assisting participants to explore the fast-growing China market.

Category: Uncategorized

Oxfordshire’s Innovation Engine 2023

Manufacturing Growth Programme delivers over 12,400 SME jobs

What does the Chancellor’s Spring 2023 Budget mean for SMEs?

Innovators wanted for new Healthy Ageing Innovation Accelerator Competition

Oxford Innovation Advice is pleased to announce we have been awarded the contract to run the UK-China Healthy Ageing Accelerator programme on behalf of the UK’s National Innovation Centre for Ageing (NICA).

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