Conference Paper/Proceeding/Abstract 111 views
UK Life Science Open Innovation for Small-to-Medium Enterprise Resilience
MICHAEL WINN
ISBE Conference 2021, Institute of Small Business and Entrepreneurship , Cardiff City Hall, 28-29th October 2021. Conference Theme: Bridging Enterprise, Policy, and Practice: Creating Social and Public Value
Swansea University Author: MICHAEL WINN
Abstract
Despite the importance of the Life Science sector to the nation’s health, their 5.9 million small-to-medium enterprises (SMEs) in the United Kingdom (UK) face a 39% failure rate within their first 3 years of operation (Office for Life Sciences, 2011), compared to a 50% failure rate of general SMEs w...
| Published in: | ISBE Conference 2021, Institute of Small Business and Entrepreneurship , Cardiff City Hall, 28-29th October 2021. Conference Theme: Bridging Enterprise, Policy, and Practice: Creating Social and Public Value |
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| Published: |
Barnsley, England.
ISBE
2021
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| Online Access: |
https://www.isbe.org.uk/resources/conference-papers/ |
| URI: | https://cronfa.swan.ac.uk/Record/cronfa66387 |
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| Abstract: |
Despite the importance of the Life Science sector to the nation’s health, their 5.9 million small-to-medium enterprises (SMEs) in the United Kingdom (UK) face a 39% failure rate within their first 3 years of operation (Office for Life Sciences, 2011), compared to a 50% failure rate of general SMEs within their first 5 years of operation (European Commission, 2014). Significantly, due to COVID lockdown restrictions, 50% of all UK businesses are “temporarily closed or paused trading” (Gough, 2021), but these restrictions are now lessening, but with untold economic outcomes. Only 37% of UK SMEs are described as “innovation active” (Achur, 2020) and there is a reported decline in returns on investment for UK Life Science research and development (R&D) (The Lancet, 2018). This is all despite the term ‘organisational resilience’ being a contentious term in the Life Sciences due it incorrectly directing blame upon its entrepreneurs, rather than the faults of the wider systems it sits within (Oliver, 2017). |
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| Item Description: |
ISBE Conference Papers are only available to members. |
| Keywords: |
Networks and Innovation |
| College: |
Faculty of Humanities and Social Sciences |
| Funders: |
Swansea University Research Excellence Scholarship |