Interview: James Caan gives a boost to British industry

Celebrity dragon James Caan talks to ThisIsManufacturing on the eve of the first ever iAwards about how science, technology and innovation are the key to our economic growth.

iAwards recognise and celebrate the best British achievements in science, technology and innovation. Why are they important?

They will celebrate and showcase the breadth of achievement in all aspects of science, technology and innovation. They have been conceived amid the economic challenges of 2009 to show exactly what Britain has to offer - not at those early stages of great ideas and great theory - but at the point where ideas and research have become viable products and services. It’s to showcase talent within Britain and to grow our economy, improve our lives and deliver jobs in the new industries of the future.

Why now?

Returning the UK to growth must be our first priority. We must create an environment that encourages enterprise and accelerate our support for science and R&D. For Britain to continue to compete on the global we must send messages of commercial strength.

As an entrepreneur you know how tough it is to get all the ingredients right in business. What are the main qualities the winners of iAwards will show?

Companies that demonstrate creative thinking, how their solution will solve some of society’s most complex challenges and savvy business acumen, will win. And not only the iawards.

How do new technologies and innovations stimulate commercial interest?

Economists say that we’re in a services driven economy, but I would disagree. The next wave of our growth will not be shaped by streamlined services, but by innovation. The development, adoption and adaptation of new services, products and ways of working will reinvent existing industries and give rise to new markets.

Investment and commercialisation in these areas will be essential for addressing the social, technical and ethical challenges we face as a society. Implementing genuine solutions for tackling climate change, caring for an ageing population and protecting our national security demands our investment in these sectors.

As an investor, what are the key qualities you look for in a business?

The best investors are open-minded. I’m currently focused on valuation and there are some great deals to be had in the market. I also look for teams I can believe in. I’m always drawn to creative minds and clever thinking, but there must also be a management team in place with a genuine vision for the market and the ability to transform a good idea into a profitable business venture.

If you could change one thing about the manufacturing industry what would it be?

With climate change on the forefront of the national and global agenda, I would like to see a deeper commitment and focus on energy efficiency and carbon reduction in our automotive and other manufacturing sectors. In addition to the obvious social and environmental benefits, investment in energy efficiency will generate green sector jobs and improve the long-term profitability of our manufacturing firms.

Is the future a bright one for economic growth across the NW and the rest of the UK?

The future has to the potential to be extremely bright, but prosperity won’t fall into our laps just because we want it to. Businesses, government and employees need to find a way to worker closer together. We must also invest our ideas, capital and energy in the high-growth markets that will make a real difference to our society, and our economic fortunes. There are a number of ways this could apply to manufacturing. One example is for UK manufacturing to focus on becoming the world’s leading provider of the gears, solar panels and wind turbines that will drive the multi-billion pound renewable energy market.

Launched by the Government to recognise and celebrate the best of British science, innovation and technology, the iawards are backed by Science and Innovation Minister Lord Drayson and leading businessman James Caan.

Go to www.iawards.org.uk for more information.