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News Release from: Pera | Subject: 'Innovation Factory'
Edited by the Manufacturingtalk Editorial Team on 16 April 2003

'Innovation Factory' to give fast-track
support

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The East Midland's "Innovation Factory", which will provide SMEs within the region with fast track support for business acceleration, is to be launched at the Pera Innovation Park.

'Innovation Factory' to provide fast-track support The East Midland's "Innovation Factory", which will provide small to medium sized (SMEs) manufacturing companies within the region with fast track support for business acceleration, is to be launched at the Pera Innovation Park in Melton Mowbray on 30 April 2003 As a follow on to the already successful Manufacturing Advisory Service (MAS) managed by Pera, the Innovation Factory will help companies wishing to grow beyond their 'productivity ceiling' through product innovation

It will provide advice and assistance to help companies address innovation issues and opportunities, and to foster an environment in which new ideas are actively encouraged.

The Innovation Factory will carry out an innovation assessment to provide a clear and concise analysis of a business innovation opportunity, and the company's ability to innovate.

A simple action plan will then be developed capitalising on the innovation opportunities identified.

The service will provide cost effective subsidised support for SMEs in the region, and will be particularly aimed at companies operating in disadvantaged 'Objective 2' areas.

The service is being part financed by the European Social Development Fund and East Midlands Development Agency (emda).

The launch, which will include a keynote speech from Martin Briggs, Chief Executive of emda - which already supports the MAS - will see the gathering of senior executives from industry, government, academia, and financial institutions from across the region.

Martin Briggs commented: "It is proven that innovative companies grow faster, are more profitable and sustain a higher performance than their less dynamic counterparts - so this is an excellent initiative which will encourage firms to flourish and make the region's smaller businesses more able to compete globally.".

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