UK still a nation of innovators, government survey reveals
50% of small business employers have improved goods, services, or processes since 2012 - businesses in construction least innovative
Innovation is thriving among the UK small and medium enterprise employers with an average of 50% having innovated from 2012 to 2015.
The data, revealed in the government’s Small Business Survey 2015 which published yesterday, found that 55% of small businesses have innovated in the last three years, while 61% of medium-sized businesses have pursued innovation.
The research referred to innovation as the introduction of new or significantly improved goods or services, or the introduction of new or significantly improved processes.
43% of small and medium-sized enterprises said they had introduced new or improved goods or services (36% services, 22% goods), while 25% cited an improvement or introduction of new processes.
By sector, employers in IT (76%), education (65%), professional/science (59%), and manufacturing (58%) were the most likely to have innovated.
In contrast, employers in construction were least likely to have innovated (30%) followed by businesses in accommodation and food services (32%),financial and property(36%), and transport (34%).
Earlier this year, Startups.co.uk reported that innovation was on the rise among UK small businesses.