The world of business is full of entrepreneurs brimming with innovative and creative ideas who lack the means to explore and develop them. Some businesses may find that they have the perfect product but are unable to find the funds to take the business to the next level, whilst others find that they do not have the necessary access to technology to develop an initial spark into a world-beating product.
99.9% of all manufacturing businesses are SMEs, and they account for a significant proportion of industry turnover and jobs. It’s easy to feel like a small fish when compared with your sector’s behemoths but innovation is the lifeblood of our economy.
In 2016, Businesses accounted for 67%, followed by Higher Education with 24%. Universities play a crucial role in supporting SMEs and ensuring that they have access to the technology and expertise that they need to thrive, grow their business and stay ahead of the curve.
Most companies cannot afford vast technology budgets, but the freedom to experiment and innovate should not be limited to those with the deepest pockets. There is support available through universities that encourages SMEs to take risks and ensure that they retain their competitive edge in a constantly evolving market.
From 3D printers to virtual reality suites, if you think that your business could benefit from state-of-the-art technology and facilities, browse our programmes and see how LSBU can help your company grow.