Entrepreneurship and Innovation

The sub-region is well-placed to promote its advantages in skills, knowledge workers, stable manufacturing sector and a growing service sector. The large HE-led Knowledge Exchange, along with design schools should provide the infrastructure for technological and organisational innovation and support growth in the ICT and creative sectors.

Stimulating entrepreneurship and innovation is essential for the continued health of the south London economy. Innovation is not only about invention and new spin out companies, it is also fundamental to business growth and development, enabling businesses to differentiate their products and services, bring new products and services forward, develop new and more cost-efficient ways of operating and remain competitive.

Entrepreneurship demonstrated through rates of new business start-ups and self employment are both below the average for London. Data from the 2001 Population Census appears to show a correlation between low levels of reported entrepreneurship and those areas in south London with a preponderance of low skills, high unemployment and other features of exclusion – for example St Helier, Mitcham, north Croydon, the Cray Valley, New Addington and Roehampton. Stimulating new business formation can also bring vitality to the district centres and local employment opportunities.

Small and medium sized companies are strongly represented in the south London economy, with aspirations of high growth in high-tech, tourism and innovation. Initiatives to encourage innovation need to include support for existing businesses to adapt to change as well as promoting new business ideas. This is particularly the case in the service sector, public services and in print and publishing where practices are found to be the ‘least innovative’.

The West Focus HEIF project which includes the St George’s Medical School Centre for Enterprise and Innovation and initiatives such as the LDA Innovation Programme are important mechanisms for encouraging and supporting innovation. There is also potential for cross-fertilisation between the more highly innovative practices with the less innovative.

Higher education and research and technology development in south London has some of London’s most significant institutions in the fields of aeronautical and electronic engineering, measurement, bio-technology, business education, innovation and knowledge transfer in the arts. For example, through Kingston University, the National Physical Laboratory, St George’s Hospital and Wimbledon School of Art.

Further and Higher Education provision is well placed to help business to exploit new ideas and practices and south London businesses would benefit from the closer links and working relationships not just with institutions in south London, but also using the resources of the rest of London and nationally. The issue is to support businesses to review their working practices and to get the information to businesses of the support available to help them “innovate”.

The creative industries can underpin innovation through demonstrating innovation to other companies and provide examples of good practice. The launch of the LDA Creative London gave an opportunity to develop an understanding of the creative industries at the sub-regional level and South London Partnership commissioned a report and action plan to support creative industries in south London.

Innovative ideas and business support programmes, including town centre and industrial estate management, also provide an opportunity to work with business on solutions to waste minimisation and management. With the increasing emphasis on waste management and the introduction of challenging targets for the reduction in waste, there will be increasing opportunities for developing new practices

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