Newspaper article The Journal (Newcastle, England)

Awards Which Celebrate the Region's Spirit of Innovation

Newspaper article The Journal (Newcastle, England)

Awards Which Celebrate the Region's Spirit of Innovation

Article excerpt

The phrase "knowledge based economy" has only recently entered the English vocabulary.

It is responsible for a huge change in our country and economy. If we look around the world today there is one main characteristic of the global economy and that is change. And there's more to come. There are likely to be more changes and advances over the next 20 years than in the last 200.

So what exactly is the knowledge economy?

In the past, wealth and power has come from the control of physical assets ( coal, iron and steel, raw materials and land. Now, in the 21st Century, it will come from ourselves ( from human capital.

However knowledge has to be created, found, adapted and exploited for it to be of any use. And therein lies the challenge to all of us in the North-East.

It is the skilful application of this knowledge to develop new products, new processes and new services which will reduce costs, meet customer demands and open new market opportunities. And that is what will make the difference between a thriving economy and a struggling one.

We need to promote innovation to create world-class ideas, breakthrough technologies and high value businesses. But first of all companies must master the art of innovation. Companies need constantly to develop and adopt the best products, techniques and practices available to them.

The Spirit of Innovation Awards scheme celebrates unique achievements in innovation and enterprise throughout the North-East.

Organised by the North East Business and Innovation Centre (BIC), the awards are sponsored by the BIC, Royal Bank of Scotland Group, Big Ideas, SERU (Small Enterprise Research Unit) at University of Newcastle, University of Sunderland and supported by One NorthEast.

In recognition of the huge importance of learning skills, innovation and enterprise, the Spirit of Innovation Awards 2006 invite all North-East businesses and individuals to attend free enterprise and innovation workshops at the BIC, Enterprise Park East, Sunderland, over this month and next. …

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