04 March 2009

Innovation Can Beat Recession, Says Foster

Business innovation has a vital role to play in supporting economic recovery across Northern Ireland.

The Stormont Enterprise Minister Arlene Foster has underlined the value of such innovative thinking as she addressed key local stakeholders, including business representatives, academia and elected representatives, at an event organised by NESTA, the National Endowment for Science, Technology and the Arts.

This week's event took the form of a discussion forum, intended to generate debate on a recent NESTA report entitled 'Attacking the Recession: How Innovation can beat the Downturn'.

The report focuses on how innovation can help address the challenges of this economic recession, making a number of suggestions, from promoting initiatives to develop the potential of low-carbon energy to providing funding for innovative start-up companies.

During the event, in the Long Gallery, Parliament Buildings, she said: "Despite the significant challenges currently being faced by local businesses, the economic downturn is presenting opportunities for some companies to diversify and grow.

"NESTA's report focuses on innovation as a key factor in growing the economy. It also highlights a number of opportunities to help bolster the UK economy during the current recession.

"These range from promoting social entrepreneurship, further developing high speed broadband infrastructure and creating innovative approaches to the delivery of public services.

"The report represents a useful and informative tool for policy decision-making and its recommendations align well to those of the MATRIX report, by highlighting how the development of businesses in high-tech sectors and the commercialisation of Research and Development (R&D) activities could nurture significant economic growth.

"Such an approach can help make best use of Northern Ireland's strong academic base and retain our high quality young graduates."

Graeme Downie, NESTA's Communications Manager for Scotland and Northern

The event was attended by MLAs, business representatives, academics and senior officials from various public sector bodies.

Other speakers included Stian Westlake, Executive Director of Research and Policy at NESTA.

(BMcC/JM)