Keynote talk and discussion dinner

Set up just over a year ago, the executive TSB acts to accelerate business innovation. In what has undoubtedly been a year of change, I will describe some of the trends we have seen in business innovation, international comparisons and our experience as we have set out to invest in and drive innovation. Working at the interface between the research base, business, the public sector and the finance community we have engaged with a wide range of businesses, organisations and people across the innovation spectrum, set out our strategic direction and developed a range of investments and active networks for business benefit.

Innovation today has become far more pervasive across business, spanning products, services and new business models and embracing traditional as well as emerging sectors, from energy, transport, healthcare, to the digital economy and creative industries. We are active across this innovation spectrum, and particularly note trends in open innovation practice, the role of partnership, increasingly international value chains and the rising engagement of consumers, as customers and also in shaping products. It is clear there is no simple recipe nor single solution to innovation excellence. We have tailored our programmes and sought to bring together unusual combinations of people and networks and will describe our early experience.

I will outline our strategy, active programme and experience to date including the importance of

• Challenge as an innovation and business opportunity
• Partnership and collaboration, and how to make them effective
• Promoting confidence in and enthusiasm for innovation and entrepreneurship

This is a good time to be promoting innovation, perhaps especially in such turbulent times. While we cannot foresee details, change is inevitable and innovation is a major tool in the armory for achieving sustainable business success – but one which has to be worked at continuously. The elements for a successful innovation economy are in place, a strong research base, increasing global partnering (and pace) combined with growing cultural awareness in business, government, across policy and in individuals. We look forward to catalyzing further development with our partners.