In the first of a series of thought pieces looking at the strategic considerations behind the closing of the innovation gap in FE, Rhys Davies asks why it is important to innovate.
The benefits of innovation to any organisation are well known. The rapid rate of technological, societal and political change presents challenges and opportunities which require innovative approaches if organisations are to thrive. Innovation allows business to stay competitive, increase their market share, and operate efficiently. In addition, there are merits to engaging with, and promoting innovation, which apply specifically to the FE and Training Sector.
Unesco, for example, has outlined the benefits of increasing citizens’ potential to innovate and transform the economy and society through dynamic skills provisions. From that perspective, engaging in innovation promotes relevance and makes Vocational Education and Training (VET) an attractive option, that business considers an investment rather than a cost. (Unesco 2020)
Vorley et el. (2022) outline further advantages:
“Innovation is the lifeblood of business. It is key to the evolving Industrial Strategy and the related goals of national growth and levelling up regional economies, which rely on stimulating firm growth and scale ups. Innovation also has important societal impacts and is at the heart of promoting wellbeing, enhancing quality of life, increasing security and resilience, and in building the UK’s reputation and influence.”
The UK has lagged behind its G7 competitors for some time now when it comes to productivity (ONS, 2021). The link between fostering innovation and increasing productivity is clear. As a recent report from the Department for Business, Energy and Industrial Strategy puts it:
