Building on the Shoulders of Giants – Grant Thornton Sponsors ‘Innovation Island’

Tuesday, March 03, 2009 | Posted by: Brian Maguire
Categories: Business | Tags: sir roger bone, innovation island, open innovation, boeing uk, imperial college business school, innovation nation, newton, 5-d modelling, professor david gann, darwin

A new innovation eco-system is needed for Britain - that is the message delivered by guest panellists at the launch of Innovation Island, an Economist conference, sponsored by Grant Thornton.

Distinguished panellists, from industrial and research disciplines throughout the United Kingdom, gathered to discuss whether the UK remains an innovative nation. The answer is ‘Yes’, Britain is building on a strong innovative heritage, but it needs to address some persisting weaknesses if it is to deliver economic growth and a prosperous future.

Sir Roger Bone, President, Boeing UK, described his fascination with good ideas and his: “...great belief in serendipity”. He said it was important that large and small companies can: “reach out, and be reached out to,” in doing so, he added, the fusion of niche research and industrial capital could produce cost savings, new products and competitive advantage.

Rapid prototyping as an innovative theme in its infancy was described by Professor David Gann, Head of Innovation and Entrepreneurship at Imperial College Business School. Gann expressed his optimism for the early stages of a new 5-D modelling format, which, he said, holds enormous potential for the resolution of complex design problems. The data-dependent visual modelling system is increasingly used in construction and manufacturing processes, but Gann remarked on its capacity to inform and challenge economic and public policy.

NESTA’s affable Chief Executive, Jonathan Kestenbaum, confessed a rhetoric gap between the employment of creative radicals vocally craved by industry, and the tempered reality of final personnel selections. Kestenbaum also embarked on a concise tour of venture capital funding, outlining cash flow challenges and viable routes for funding innovative projects.

Open innovation proved the most constant theme of the seminar. The term itself was not embraced by all delegates, though all panellists impressed upon the audience a zeal for collaboration across disciplines.

Chris Crockard, Business Development Director, McLaren Electronic Systems, crystallized the vision of innovation with examples of how McLaren’s Formula One team spin-off new technologies for external business sectors. Crockard explained why the creative output of a research team need not focus directly on the day-to-day needs of the core business. He remarked that allowing non-core research has the potential to provide lucrative intellectual property, which itself can help finance the core business.

Tom Loosemore, Head of 4iP, Channel 4, the creator of TheyWorkForYou.com and UpYourStreet.com pitched a plea for openness within organisations, and between them. Loosemore highlighted the collaborative capacity of social networking site such as Facebook. An emphatic critic of bureaucracy, Loosemore poked the BBC’s hierarchy for adapting too slowly in a fast paced electronic culture.

Embedding the virtue of patience proved a resonating rhythm through Innovation Island. Without patience, said designer Paul Priestman, Chief Executive Officer, Priestman Goode, project managers risk losing truly excellent innovations. Priestman, echoing Sir Roger Bone’s praise of serendipity, explained the abstract evolution, and inspiration, for transformative thought and the products which result.

Innovation on this island is alive and well. Risk-takers need to be allowed more freedom to explore, and to fail; and our attitude to risk and failure needs to alter. As a nation, we must accept these uncomfortable rites of passage as the necessary price to fuel future generations of economic activity.

The micro-climate of innovation is still relatively unknown. As with all eco-systems, innovation processes raw material and produces a sustainable outcome; on this innovation island, accelerating data consumption may magnify historic achievements.

Britain’s view of itself as an innovative nation may need reinforced, but it builds on the legacy of Brunel, Pitt, Darwin and Newton. On the shoulders of giants we stand.