At the recent innovation day, keynote speaker Patrick Harris reminded delegates of the importance of innovation in times of economic recession.
Patrick, founding Director of thoughtengine, acknowledged that economies are undergoing significant changes brought about by painful economic contraction. He argues however, that the fundamental basics starting with knowledge and working through to implementation, while also recognising the role played by luck, remain the essential drivers.
The post-recession environment will potentially bring benefits and provide new and wider opportunities.
Within society, among the generation who haven’t previously experienced a recession, there may be a new spirit of optimism, a more environmentally sustainable approach to consumption and a reduction in inequalities in wealth.
Listen to Patrick’s presentation in this slidecast:
Patrick also shared his sketch on innovating during a recession:
This presentation forms part of the Observatory’s ongoing state of the region dialogue between policy makers and researchers on the wider benefits of innovation.
Related presentations from the event
- Prof. Adrian Cole on innovating in the public sector
- Dr. Palie Smart on effective product design key to success in service innovation
- Prof. Lynn Martin on universities, industry and innovation