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Conference Paper/Proceeding/Abstract 207 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...

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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
Published: Barnsley, England. ISBE 2021
Online Access: https://www.isbe.org.uk/resources/conference-papers/
URI: https://cronfa.swan.ac.uk/Record/cronfa66387
first_indexed 2024-05-15T10:32:07Z
last_indexed 2024-11-25T14:18:02Z
id cronfa66387
recordtype SURis
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spelling 2024-05-22T15:51:24.3399989 v2 66387 2024-05-09 UK Life Science Open Innovation for Small-to-Medium Enterprise Resilience 2ebc029bdce3d5c0fcbae525438c61cf MICHAEL WINN MICHAEL WINN true false 2024-05-09 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). Conference Paper/Proceeding/Abstract 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 ISBE Barnsley, England. Networks and Innovation 29 10 2021 2021-10-29 https://www.isbe.org.uk/resources/conference-papers/ ISBE Conference Papers are only available to members. COLLEGE NANME COLLEGE CODE Swansea University Swansea University Research Excellence Scholarship 2024-05-22T15:51:24.3399989 2024-05-09T18:58:23.7690740 Faculty of Humanities and Social Sciences School of Management - Business Management MICHAEL WINN 1
title UK Life Science Open Innovation for Small-to-Medium Enterprise Resilience
spellingShingle UK Life Science Open Innovation for Small-to-Medium Enterprise Resilience
MICHAEL WINN
title_short UK Life Science Open Innovation for Small-to-Medium Enterprise Resilience
title_full UK Life Science Open Innovation for Small-to-Medium Enterprise Resilience
title_fullStr UK Life Science Open Innovation for Small-to-Medium Enterprise Resilience
title_full_unstemmed UK Life Science Open Innovation for Small-to-Medium Enterprise Resilience
title_sort UK Life Science Open Innovation for Small-to-Medium Enterprise Resilience
author_id_str_mv 2ebc029bdce3d5c0fcbae525438c61cf
author_id_fullname_str_mv 2ebc029bdce3d5c0fcbae525438c61cf_***_MICHAEL WINN
author MICHAEL WINN
author2 MICHAEL WINN
format Conference Paper/Proceeding/Abstract
container_title 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
publishDate 2021
institution Swansea University
publisher ISBE
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Business Management{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Business Management
url https://www.isbe.org.uk/resources/conference-papers/
document_store_str 0
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description 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).
published_date 2021-10-29T05:31:14Z
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score 11.308136

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