Member Article

Venturefest North East and FSB demystify innovation

What does the term innovation really mean to small businesses in the North East? Is it something that only applies to digital or high-tech companies?

These questions and many more will be tackled next month by the region’s innovation conference Venturefest North East in a bid to demystify a word that is crucial to commercial success but is commonly misunderstood.

Organisers of the sell-out event, taking place on 13th October at Gateshead’s Hilton, have been working closely with the North East FSB whose members have highlighted the challenge of communicating the importance of innovation.

Venturefest North East has used feedback and guidance from the FSB to shape a number of workshops at this year’s event in which experts will tackle common misconceptions, spell out the value of innovation to all businesses and provide practical support.

Ted Salmon, FSB North East Regional Chairman, said: “Innovation has become something of a buzz word in recent times and it’s a term many small businesses struggle with because they often assume it is only applicable to big companies or those that are high-tech.

“This simply isn’t the case. Innovation is something that is integral to the survival and growth of all local businesses and simply means doing something new within a business, in a smarter or different way that makes a positive difference. We are committed to helping break down these communication barriers to ensure opportunities to strengthen the North East economy are not missed.

“Venturefest North East is a perfect example of the efforts being made in the region to support innovation with clear strategic vision and practical assistance. We are working closely with the team to ensure businesses of all sizes are aware that opportunities exist for them to grow and thrive.”

FSB North East doubled its efforts to bring the case for innovation to the attention of its members following UK-wide research, which showed over half of businesses (53%) resisted the worst of the recession by innovating and creating new products or services.

Simon Green, Director of Venturefest North East, said: “Our partnership with FSB North East has been critical to understanding the barriers to innovation faced by small businesses and how we can help to break these down. A better understanding of how innovation can help small businesses is crucial to this.

“Venturefest also gives the opportunity for the region’s small businesses to access the funding they need to deliver their ideas to market. Together with the FSB, we want to encourage as many small businesses to get involved and secure the money they need to support growth.”

Venturefest North East will bring together 600 businesses, entrepreneurs and inventors with investors and advisors who have a specific interest in innovation. By stimulating new ideas, building networks, brokering funding deals and providing practical tools for business growth, the aim is to increase the number of innovative products and services coming out of the region.

Inspirational talks by headline speakers will be built upon in a series of practical, industry-specific workshops. Organisations will also get the chance to meet potential investors in a series of one-to-one sessions.

Venturefest North East is a key element of the North East LEP’s innovation programme and is part of a national network of innovation conferences supported by UK innovation agency Innovate UK and the Knowledge Transfer Network.

For more information on Venturefest North East visit www.venturefestnortheast.com

This was posted in Bdaily's Members' News section by Venturefest North East .