The Dynamo Advisory Board convene to discuss how to help drive the growth and success of the North East of England tech sector. In this article, we shed light on the lack of spending on research and development (R&D) in the region.
If you’re passionate about the North East tech sector, we’d love you to get involved!
HOW TO GET MORE R&D SPEND
The lack of spending on Research and Development (R&D) in the North East is a complex issue that has been a recent subject of government interest. While it might be considered a subset of the broader perception challenge facing the region, it is still a significant concern noted Paul Featonby.
There is a sense that companies in the North East are not investing as much in R&D as they should be, especially when compared with other regions and countries. This issue becomes even more pressing given the government’s view that substantial R&D spending is a sign of economic vitality.
One perspective is that there are great businesses in the North East with the potential to leverage technology for their growth, but they might be unsure of where to start.
On the other hand, the challenge also lies in convincing organisations to invest in the training and development of their employees. Although training opportunities exist, some businesses are reluctant to let their staff participate or invest in such programs, indicating a hesitation within the sector to spend on resolving its own problems.
One promising approach is for business support and member organisations, like Dynamo, to take on an educational role.
Many start-ups and early-stage businesses are unaware of the grants and R&D tax credits available to them. Addressing this knowledge gap could be a valuable contribution to the existing business networks and can encourage R&D spending in the region. Dynamo, for example, could conduct sessions for start-up members, helping them stay updated on the available opportunities.
PREVIOUSLY:
Merger update; Successfully Navigating Startup and Scale Up; Nurturing Talent and Collaboration; Three Steps to Transform the Perception of the North East Tech Sector
COMING UP:
Levelling up the Dynamo Membership
Dynamo is a not-for-profit tech membership organisation encouraging collaboration and supporting the growth of the North East of England tech sector.
To find out more about getting involved with Dynamo, contact Al (Aleasser) Alzein, Membership Engagement Manager, via LinkedIn or via:
Email: Al.Alzein@dynamonortheast.co.uk
Phone: 07719 030 607
