Innovation Can Beat NI's Economic Gloom

The worst of the recession can be overcome, as long as NI companies are prepared to innovate.

Arlene Foster, NI Enterprise Minister, believes that innovation and research and development (R&D) are the basis for tackling the economic crisis.

"Every business regardless of size or sector, can and should be looking at how to work better and smarter," she said.

She was speaking at a business breakfast run by consultants, BDO Stoy Hayward, where the company launched a booklet 'The Future Of Business Look Like This'.

This publication features a range of local companies and how each is successfully tackling the economic downturn.

Foster considered that all them have an attribute in common: a commitment to innovation and R&D.

"The strongest business in any market have innovation and R&D at the centre of their operations," she stated.

"A commitment to developing new products and processes, or improving existing ones, can open up lucrative opportunities that may not otherwise have been available an provide a springboard for future growth, when the recovery comes," Foster continued.

Although her department continue to focus on providing much needed support for businesses in economic breakdown, she recognised the longer term challenges must also be faced and overcome in order to build a modern Northern Ireland economy.

"As we move forward and look to the future, it is vital that we also seek new ways of working to enable us to capture key niche markets and provide quality jobs," she said.

Meanwhile, Invest Northern Ireland is developing its Growth Programme, which tries to help small local businesses to have the potential to generate sales outside NI.

Ian Murphy, Invest NI's Managing Director of Clients and Entrepreneurship, said: "This programme can help Northern Ireland businesses to improve their profitability, boost their sales through exports and reach their full potential."

Mr Murphy explained that the programme gives companies access to expert advice, training and mentoring in specific areas such as marketing, negotiation skills, exporting and online sales.

"Customer care and financial management are other key aspects of the initiative, and fostering innovation is central to the Programme activities," he concluded.

(CL/BMcc)