People and culture central to maximising Lancashire’s innovation potential, business leaders hear
People and culture are vital to growing the Lancashire economy through innovation, business leaders at an event in Lancashire have been told.
Decision-makers gathered at Ribby Hall Village for the latest Lancashire Economic Breakfast, which explored how innovation can support the county’s long-term economic growth.
Organised by the North and Western Lancashire Chamber of Commerce and sponsored by leading independent law firm Brabners, the event brought together an expert panel featuring representatives from BAE Systems, Groundswell Innovation, Ribby Hall Village, IW Dynamics and Brabners.
The session opened with an overview of the latest Quarterly Economic Survey by Stephen Gregson, highlighting the global political and economic factors continuing to affect business confidence as organisations look ahead to the second half of the year.
Results from the QES suggest both domestic and export sales are down, highlighting the effects of the conflict in the Middle East and the labour market is still struggling with business confidence at its lowest levels since the pandemic.
Despite the challenges, speakers emphasised Lancashire’s strengths as a home for innovative and entrepreneurial businesses, with the report suggesting Lancashire businesses are continuing to invest in digital infrastructure and skills.
Some panellists also urged the government to ease regulations which would allow companies to further invest in innovation and long-term productivity.
Ian Minton, delivery director for BAE Systems, emphasised Lancashire’s supply chain was key to driving innovation and change throughout the county.
Jane Dalton, from Groundswell Innovation, discussed Lancashire’s success in supporting innovation and business growth over recent years – including the creation of investment support initiatives such as FHunded.
However, she also spoke about the need for all Lancashire businesses maximise innovation potential in the county by providing the best environment to facilitate teams to generate ideas and develop new processes.
Ian Dickinson, from IW Dynamics, agreed, adding: “Innovation centres are about people - people are the driving factor in change and the economy can only grow if businesses are given the tools in which to thrive.”
Speaking after the event, Robert White, CEO, Brabners said: “Despite current geopolitical uncertainty weighing on business confidence, there are so many reasons to be positive about our economic future.
“Data shows Lancashire businesses are continuing to invest in digital infrastructure and future skills, while historically high numbers of new companies are still being registered every month.
“We have the entrepreneurs, world-leading clusters and economic assets for a new generation of innovative, agile businesses to thrive - but we must work together to maximise the opportunity, harnessing the talent, skills and ambitions of all our people.
Robert also highlighted the recently released interim report of the Milburn Review into growing youth economic inactivity in the UK, which found the number of young people not in education, employment or training (NEET) could rise from one in eight to one in six in the next five years.
“We simply cannot allow this, particularly given the increased economic activity over a million young people could bring with the right opportunities to maximise their strengths,” he added.