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Sponsored post: Creative ingenuity, the building block for entrepreneurial success

Salford Business School: Celebrating the creative ingenuity of our SMEs.

History shows us that the Schumpeterian winds of creative destruction lay waste to the old and present opportunities for the new. It is creativity that sees opportunity, enterprise that exploits opportunity, and business ingenuity that delivers innovation to customers. Creativity is therefore an essential but often overlooked key ingredient in the recipe of improving economic advantage.

In the UK, the tough economic conditions have illustrated an increasing propensity for us, as a nation, to be more enterprising. Business formations are up, with currently 4.9 million private sector businesses, an increase of around 1.5 million since 2000. 4.7 million of these businesses are micro; started by both innovation-focussed entrepreneurs – developing new products and services, and necessity entrepreneurs – those which attempt to create wealth through unfavourable personal economic conditions. Also, an encouraging trend is the growing number of enterprises ran by female entrepreneurs, with around 40% of SMEs led or jointly led by women. Systemically, we are not quite as enterprising as our US counterparts, but it illustrates an increasing capacity for entrepreneurship through economic adversity, certainly beyond many European countries. In fact, in the UK’s North West we have seen an increasing appetite for business formation, as the only region to have double-digit growth in the number of businesses formed between 2012-13.

Supporting and sustaining a more enterprising culture is essential to our long-term economic prosperity, and universities have a key role in this arena. Mirroring a growing enterprise culture in the UK, over the last two years Salford Business School has seen around a 45% growth in enquiries, support, and knowledge exchange projects that focus on SMEs, including charities and social enterprises – numbering some 3,500 p.a. This is coupled with graduates increasingly seeing start-ups or local SMEs as attractive employers – offering a diverse range of projects and responsibilities. More than 40% of our students go on to work for SMEs, which also illustrates a growing receptiveness for SMEs to shape the skills and attributes of graduates, when historically this used to be the preserve of larger businesses. This requires universities to adapt their educational content to deliver the right technical, and often specialist knowledge, but also develop distinctive competencies in students that are valued by employers – enabling graduates to make a more immediate contribution to an SME’s success.

At Salford Business School we have taken several steps to support this. One, which is proving particularly attractive to businesses, are our student projects, in which a student (or group of students) work on a pressing issue where a company wants a fresh perspective, with the aim of yielding interesting insights. With the support of an academic in an appropriate field, the student explores creative solutions – something they are naturally good at. Students are also strong in basic research, having the time and techniques to mine data, with the aim of seeking patterns or making connections beyond what may be immediately obvious. However, the bootstrapped nature of SMEs requires some ingenuity – finding a solution that can be implemented with very limited funding or investment. The Business School has many examples of projects which have brought a wholly different solution to a company’s issues. Examples include a media campaign for Morson Group Ltd, which achieved over 100,000 views on their YouTube channel for 22 video clips produced. ENER-G PLC, ran an internal awareness campaign, culminating in a training video featuring a Johnny Depp lookalike.

Salford Business School works with companies both in the UK and overseas for student projects. If you are an SME, or indeed a large company, and would like a fresh perspective to your businesses challenges, then please see www.salford.ac.uk/business-school/business-services

Dr Kurt Allman,  Associate Dean Enterprise & Engagement

A year on from the Spending Review, the coalition's soothsayer has emerged to offer another gloomy economic prognosis. Asked by ITV News whether he could promise that there wouldn't be a double-dip recession, Vince Cable replied: "I can't do that.

Photo: Getty Images/Christopher Furlong
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A dozen defeated parliamentary candidates back Caroline Flint for deputy

Supporters of all the leadership candidates have rallied around Caroline Flint's bid to be deputy leader.

Twelve former parliamentary candidates have backed Caroline Flint's bid to become deputy leader in an open letter to the New Statesman. Dubbing the Don Valley MP a "fantastic campaigner", they explain that why despite backing different candidates for the leadership, they "are united in supporting Caroline Flint to be Labour's next deputy leader", who they describe as a "brilliant communicator and creative policy maker". 

Flint welcomed the endorsement, saying: "our candidates know better than most what it takes to win the sort of seats Labour must gain in order to win a general election, so I'm delighted to have their support.". She urged Labour to rebuild "not by lookin to the past, but by learning from the past", saying that "we must rediscover Labour's voice, especially in communities wher we do not have a Labour MP:".

The Flint campaign will hope that the endorsement provides a boost as the campaign enters its final days.

The full letter is below:

There is no route to Downing Street that does not run through the seats we fought for Labour at the General Election.

"We need a new leadership team that can win back Labour's lost voters.

Although we are backing different candidates to be Leader, we are united in supporting Caroline Flint to be Labour's next deputy leader.

Not only is Caroline a fantastic campaigner, who toured the country supporting Labour's candidates, she's also a brilliant communicator and creative policy maker, which is exactly what we need in our next deputy leader.

If Labour is to win the next election, it is vital that we pick a leadership team that doesn't just appeal to Labour Party members, but is capable of winning the General Election. Caroline Flint is our best hope of beating the Tories.

We urge Labour Party members and supporters to unite behind Caroline Flint and begin the process of rebuilding to win in 2020.

Jessica Asato (Norwich North), Will Straw (Rossendale and Darween), Nick Bent (Warrington South), Mike Le Surf (South Basildon and East Thurrock), Tris Osborne (Chatham and Aylesford), Victoria Groulef (Reading West), Jamie Hanley (Pudsey), Kevin McKeever (Northampton South), Joy Squires (Worcester), Paul Clark (Gillingham and Rainham), Patrick Hall (Bedford) and Mary Wimbury (Aberconwy)

Stephen Bush is editor of the Staggers, the New Statesman’s political blog.