We must develop and protect new ideas to remain competitive

Bill Goodwin, partner in the intellectual property team at Ward Hadaway in Leeds, believes it’s vital to develop and protect new ideas.

He made the comments as the build­-up continues to the Ward Hadaway Yorkshire Fastest 50 Awards, the annual run­down of the fastest growing privately owned companies in Yorkshire which Ward Hadaway organises in association with The Yorkshire Post.

The event takes place this Friday at Aspire in Leeds. A number of businesses in this year’s Yorkshire Fastest 50 have found success by developing innovative products and services.

Mr Goodwin said: “The increasing pace of globalisation and the availability of new technology means that companies who produce standard goods and services find themselves competing against counterparts all over the world, often in places where wages or overheads are significantly lower and therefore costs are lower too.

“It can reach a point where competing on price alone is no longer viable so companies have to look at other ways to differentiate themselves and grow their businesses.

“This is where innovation is so important. If you can develop a different way of carrying out a particular process, if you can come up with a new product or service or a new approach to solving a particular issue, you will immediately stand out from your competitors and will have something on which you can build for the future.”

In a survey published last year by manufacturers’ organization EEF, almost nine out of ten manufacturers in Yorkshire said they were engaged in innovation.

Other sectors in Yorkshire are looking to stimulate innovation by creating clusters of like­minded businesses, such as the Leeds Digital Hub, which is run by The Yorkshire Post and Leeds Beckett University.