Innovation 'key to Northern Ireland firms' survival'
Jun 18 2009
Small-to-medium sized companies in Northern Ireland should invest in innovation and research to survive the recession, the government advises.
Arlene Foster, enterprise minister, is launching a series of briefings aimed at the small business community to explain how research and development (R&D) can provide clear benefits.
She explains: 'A commitment to developing new products and processes, or improving existing ones, can open up lucrative opportunities that may not otherwise have been available.'
Foster adds that this is particularly important in the current economic climate, as it permits small businesses to retain their existing client base and attract new customers.
In addition, small firms which adopt an innovative attitude will be better placed to capitalise on the opportunities created by the eventual economic upswing.
The minister also points out that investment in R&D does not necessarily involve a large financial cost, suggesting that firms can make simple amendments to existing products or services.
Earlier this year, the government launched the £100 million Small Business Research Initiative, which encourages companies to develop innovative technologies for problems facing public-sector organisations.
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