We have all seen the transformative impact technology can have on business, from the rise of hybrid working in the wake of the Coronavirus pandemic, to AI and machine learning to improving the efficiency and capabilities of business. 

We sent a few members of the team to Birmingham Tech Week to see what industry leaders are considering the latest trends, opportunities and challenges within the business, tech and innovation space.

Creating a culture of employee-led innovation

To kick off Birmingham Tech Week, we attended a panel on employee-led innovation, where our very own CEO Lis Lewis-Jones was invited to speak.

The topic of employee-led innovation has become more important in the digital era post-pandemic, where many organisations operate a hybrid working model. Although working from home has proven to boost employee productivity, it is not necessarily effective by means of increasing collaboration in the work environment.

To create an environment of employee-led innovation, there are five key principles that all organisations should introduce: trust, purpose, knowledge, appreciation and resources. While it is the leadership team that will introduce these principles, practical steps must be taken by all employees to contribute towards creating a more collaborative, and therefore innovative, work environment.  

Practically, this can be achieved through encouraging the cross-pollination of ideas within an organisation, to instil learning and collaboration. Employers might encourage this by creating horizontal teams as well as vertical line management teams, a structure we use ourselves.

Speed to market remains the biggest challenge for Birmingham’s start-ups

Birmingham’s global ranking in the Top 100 Emerging Ecosystems dropped from 30th to 33rd in 2023, and its market reach also fell according to Startup Genome’s latest report. This decline is due to three challenges start-ups face: access to finance, access to the market, and speed to market

This reinforces the crucial role corporate organisations play in aiding start-ups. Whether by investing in programme partnerships, becoming a mentor or trusted chairperson, or providing much-needed access to resources, we can all help make the business landscape one that nurtures start-ups. To help our local business community we regularly rent out our state-of-the-art kitchen to start-ups, SMEs and charities for events and photoshoots. 

Interest in innovation and entrepreneurship remains strong despite inclusivity challenges

8000,000 new companies were incorporated in 2022, 150,000 of which were founded by women, according to the latest Rose Review. Female-led businesses now make up a fifth (20.5%) of all new organisations but only receive 6% of all venture funding.

The British Bank reported that female entrepreneurs and business leaders only received 2p out of every £1 of equity investment made available in the UK in 2021 highlighting the issues of access and representation. So how can we improve access to funding and representation of entrepreneurs from minority groups?

Working with organisations that provide support and funding for businesses, we know how crucial it is to improve access to information and knowledge, by creating spaces where it is easy to learn and share insights. By doing this, we can help break down barriers making it easier for those with limited prior knowledge or education to access funds to take their business ventures forward. 

Birmingham, the home of entrepreneurs and industry leaders of the future

At the ScaleUp Summit for start-ups, we heard from companies that started as entrepreneurs with innovative ideas that have now grown into industry leaders, as well as the businesses that support their growth. 

 Our local community has a growing infrastructure to support innovation with the Jewellery Quarter, the Gun Quarter and now the Innovation Quarter, which will be a leading innovation cluster, centred on science, technology and enterprise, where innovators will be able to find world-class advice and assistance.

Working with a range of organisations in and outside the Innovation Quarter we know how crucial entrepreneurship and innovation is to the history of the region nurturing the next generation of industry leaders.

As an award-winning Birmingham PR agency, we work with a range of organisations and enterprises at every stage of their journey within the business landscape, helping them tailor their communications to build visibility, awareness and representation within their industry.

If you would like to find out more about how we could support you with communicating business ventures or funding, please get in touch today.