Investing in the age of doubt
16 August 2019
In a guest column, exclusive to Connectivity, Laura England, junior account manager at Stone Junction – the first ever PR agency for the Fourth Industrial Revolution, explains why manufacturers must invest in certainty during a period of doubt.
Published in 2017, the Made Smarter Review provided an independent evaluation on how the Government can drive Britain’s manufacturing growth. A collaboration between establishment and industry, the review engaged the broader manufacturing community with the promise of investment and funding to build the UK’s reputation as an industrial leader.
Today, it seems this surge of interest has lost momentum.
Political turbulence, worsened by the threat of a no-deal Brexit in October, has somewhat understandably, dampened the enthusiasm of what was once a bright outlook for British manufacturing.
Unless the Government is preparing for a dramatic U-turn succeeded by a streak of negotiating genius – we aren’t holding our breath – the responsibility of reigniting the sector’s motivation is down to those in industry.
Manufacturing is a sector reliant on investment. However, dialogue surrounding Government funding has been largely silenced by the deafening coverage of Brexit negotiations – or lack thereof. However, the results of the Annual Manufacturing Report 2019 suggest that manufacturers may be taking investments into their own hands.
According to the study, 64 percent of respondents claim they can self-finance investments. While this certainly demonstrates confidence, funding from company reserves does run the risk of slowing the pace of growth.
What’s more, with 71 percent of respondents stating that Brexit uncertainty is damaging strategic planning and business prospects – are these manufacturers simply avoiding investments until post-Brexit?
Momentum for government funding initiatives may have lost its pace, but this certainly doesn’t mean opportunities are out of reach.
Made Smarter was part of the Industrial Strategy Challenge Fund, a long-term Government investment of £4.7 billion to strengthen research and development (R&D) in the science and technology sectors. The scheme includes a plethora of projects, ranging from artificial intelligence (AI) for medical imaging, to the commercialisation of quantum-enabled technologies.
One of the scheme’s current projects includes an impressive £93 million investment for companies involved in the development of electronics, sensors and photonics for advanced robotics in extreme environments.
Among its successful investments is a project organised by Thurn Group, an organisation committed to improving the safety of offshore surveys for oil and gas and renewables. Using autonomous vessels to inspect underwater environments for ice, the funding enabled a safer way to assess the safety of arctic shipping routes and improve the maintenance of offshore infrastructure.
Another project, led by Perceptual Robotics, developed integrated unmanned aerial vehicles (UAVs) to inspect blade faults at offshore wind farms. Designed to inspect a wind turbine in a matter of minutes, the deployment of UAVs eliminated the need for humans in potentially dangerous environments.
That said, grant funding isn’t exclusively for start-ups or high-tech launches.
There numerous financial schemes available to all types of manufacturing businesses, many of which are regional, sector-specific or focused on improving a niche area of the business. For instance, as a PR agency specialising in engineering and manufacturing companies, Stone Junction has helped several of its clients obtain financial support to enhance their marketing efforts.
It is in the Government’s best interest to provide funding for homegrown manufacturing businesses – especially at a time when international trading relations are in a state of limbo.
The noise around several high-profile initiatives may have diminished, but there are plenty of funding opportunities available. In fact, the types of grants on offer are constantly changing, so it’s worth checking the Government website to see what is available.
Laura England is a junior account manager at Stone Junction, a specialist technical PR agency. Stone Junction is committed to helping its clients by delivering digital PR and marketing and occasionally, helping them obtain that all-important funding. Get in touch at laura@stonejunction.co.uk.
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