City businesses recognised for innovation
Released: 7 March 2008
Recognising the impact of innovation on local companies was the theme of a prestigious business awards event hosted by Wolverhampton’s Mayor, Councillor Trudy Bowen.
Three local firms - Freshway Foods Ltd., Young’s Home Brew Limited and Barton Storage Systems - who have demonstrated how innovation has benefited their organisation in terms of efficiency, productivity and profitability, were showcased during the event.
Recognising the importance of innovation to the local economy, Cabinet Member for Regeneration and Enterprise, Councillor Peter Bilson, said: “In the 21st century the city’s companies will have to compete on quality and high value, they will also need to diversify in terms of both their products and markets, as well as investing heavily in skills.
“Continuous innovation will be critical to the success of Wolverhampton businesses in the future”, he added.
Held in the Mayoral Suite yesterday evening (Thursday March 6th), the awards event was organised by the city council in conjunction with the University of Wolverhampton, which is leading the region in providing business solutions to local companies through Knowledge Transfer Partnerships (KTP’s).
Wolverhampton City Council is pioneering the promotion of local knowledge transfer activities with these newly created 'Wolverhampton innovation awards' and demonstrating its commitment to supporting the future of local businesses in areas such as knowledge transfer, innovation, education, re-training and technological infrastructures.
University of Wolverhampton Knowledge Transfer Partnerships Manager, Marc Fleetham, said: "Knowledge Transfer Partnerships are probably one of the most successful knowledge transfer initiatives currently available to support UK businesses.
“The University of Wolverhampton has recently been acknowledged as one of the top ten national Knowledge Transfer Partnerships providers. We are quite privileged as the organisations within our region provide rich and diverse opportunities for the University's extensive business-focused academic resource to engage with.
“The University is delighted to help support and encourage further business collaborations through this new awards scheme", he added.
A panel of judges, chaired by John Wood, Chief Executive of Caparo Engineering Ltd, had assessed the impact of innovation on the companies, all of whom received certificates as shortlisted finalists, with a trophy for Freshway Foods Ltd, the firm deemed to have most embraced the potential of innovation for the benefit of their business.
John Wood said: “The organisers wanted someone from the private sector as chair of the judging panel to ensure credibility for the awards.
“I was more than happy to take on that role as I see innovation as a vital factor in business competitiveness.
“Each company selected for the awards is a model of best practice which other companies would do well to emulate”, he added.
The judging panel, which also included Dr Russ Bromley, an advisor on the national Knowledge Transfer Partnerships programme, and Kevin Westwood, acting Head of Economic Development at the city council, visited each company to assess how they had implemented innovative practices.
Freshway Foods Ltd. successfully collaborated with the University to implement new product development systems and processes based on trends identified through market intelligence.
Barton Storage Systems KTP developed a marketing strategy and implemented marketing activities to increase sales in domestic and export markets. It also developed a new product introduction methodology using computer based tools to provide a swift response to marketing demands.
In the case of Young’s Home Brew Limited the initial aim was to identify and develop marketing drivers to take advantage of market opportunities. However the project resulted in a radical transformation to equip the company for future growth and prosperity which also gained the University a Certificate of Excellence from the national Knowledge Transfer Partnerships programme.
Additional information
Initiated by the Government in 1975, Knowledge Transfer Partnerships support collaboration between the public and private sectors and universities and are designed to help UK companies to access the expertise available in educational establishments, to embed it within their own businesses and to strengthen their competitiveness.
Knowledge Transfer Partnerships are a highly cost-effective way to carry out structured research and development for an innovative outcome that is of strategic importance to organisations.
They include the full-time recruitment of a graduate combined with regular consultancy from University specialists, access to the University's extensive equipment and facilities and a grant for eligible companies."
Released by the press office.