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According to the European Commission, over ninety nine per cent of Europe's businesses are SMEs. Their success is crucial for local enterprise, employment and taxation revenue. However, such organisations face major obstacles to accessing additional equity that typically are not faced by large corporations. This research has changed the way some Italian SMEs make decisions about the relative proportion of short-and long-term debt through adopting an optimisation model developed at Leicester's School of Management and which is now being rolled out in Italy and the UK. The Italian firms involved have reduced their cost of borrowing and enhanced their reputation with banks, hence making it easier for them to access more credit.
Costas Markides undertook several studies on two broad topics related to corporate innovation: (a) business model innovation; and (b) radical product innovation. His work has been published in top academic and practitioner journals, and has been broadly disseminated in several best-selling books. His ideas and findings have made an impact in several large multinational companies who have adopted his ideas in their practices; his research has also had an impact through executive education and keynote speeches. His work on innovation has led to his membership of the Thinkers 50 management guru list every time the list has been compiled since 2005.
This case demonstrates how researchby the Centre for International Business University of Leeds (CIBUL) between 2001and 2008 has been utilised by Nestlé - the world's largest nutrition company - to improve its communication strategy and evaluate how its foreign investments create value and influence economic development, innovation, environment, society and different stakeholder groups (e.g. employees, suppliers and governments). CIBUL's research has also (1) improved the services offered by intermediaries such as the investment-promotion arm of the British government (the UKTI) and the UN body for economic development (UNCTAD), and (2) benefited the businesses thatthese bodies serve by identifying factors that help theminternationalise and derive greater value from international expansion.
The funding of innovative SMEs is widely recognised to suffer from market failures and has been an area of policy concern since the 1930s. Sussex research has contributed significantly to understanding the underlying causes of these market failures, particularly for innovative firms in the UK and EU. It has placed stronger emphasis, than was the case in the past, on addressing demand -, rather than supply-side constraints (caused by the limited number of UK firms capable of generating commercial returns). This enables it to contribute towards the design and implementation of more effective equity support.
Loudness is the subjective magnitude of a sound as perceived by human listeners and it plays an important role in many human activities. It is determined jointly by the physical characteristics of a sound and by characteristics of the human auditory system. A model for predicting the loudness of sounds from their physical spectra was developed in the laboratory of Professor Brian Moore with support from an MRC programme grant.
The model formed the basis for an American National Standard and is currently being prepared for adoption as a standard by the International Organization for Standardisation (ISO). In addition, the model has been widely used in industry worldwide for prediction of the loudness of sounds, for example: noise from heating, ventilation and air-conditioning; inside and outside cars, and from aircraft; and from domestic appliances and machinery.
Knowledge Intensive Business Services are a sub-set of business service firms that are now recognised as being especially innovative and dynamic and, more importantly, act as intermediaries and catalysers of innovation within wider `systems of innovation. As such, they largely complement the knowledge development and diffusion roles of universities and the public science base. Professor Ian Miles at the University of Manchester was the first to research Knowledge Intensive Business Services (KIBS) and their systemic roles, which have been recognised and adopted into industrial and innovation policies by the UK Government, the European Commission, the OECD, Tekes in Finland, and others.
Research within the School's Centre for Research on Globalisation and Economic Policy (GEP) on the characteristics of UK exporting and non-exporting firms has been used by the UK's trade promotion agencies, UK Trade and Investment (UKTI) and the Department of Business, Innovation and Skills (BIS) to improve the design and effectiveness of the firm-specific policies they use to increase export performance.
The research has been used to provide an evidence base against which to judge the rationale for and effectiveness of export promotion and to develop new schemes. The research has led to a better understanding of the different types of barriers to exporting faced by different types of UK firms, and the role of previous export experience in lowering these barriers. This evidence base has both informed the design of the UK's export policy and has helped to fashion a specific, new trade promotion scheme (Gateways to Global Growth) launched by the UK in 2009.
A two-dimensional flood inundation model called LISFLOOD-FP, which was created by a team led by Professor Paul Bates at the University of Bristol, has served as a blueprint for the flood risk management industry in the UK and many other countries. The documentation and published research for the original model, developed in 1999, and the subsequent improvements made in over a decade of research, have been integrated into clones of LISFLOOD-FP that have been produced by numerous risk management consultancies. This has not only saved commercial code developers' time but also improved the predictive capability of models used in a multimillion pound global industry that affects tens of millions of people annually. Between 2008 and 2013, clones of LISFLOOD-FP have been used to: i) develop national flood risk products for countries around the world; ii) facilitate the pricing of flood re-insurance contracts in a number of territories worldwide; and iii) undertake numerous individual flood inundation mapping studies in the UK and overseas. In the UK alone, risk assessments from LISFLOOD-FP clones are used in the Environment Agency's Flood Map (accessed on average 300,000 times a month by 50,000 unique browsers), in every property legal search, in every planning application assessment and in the pricing of the majority of flood re-insurance contracts. This has led to more informed and, hence, better flood risk management. A shareware version of the code has been available on the University of Bristol website since December 2010. As of September 2013, the shareware had received over 312 unique downloads from 54 different countries.
Work undertaken at the University of Manchester (UoM) forms a central plank of the UK Department for Business Innovation and Skills (BIS) `Economics Paper 15' (EP15), and provides key support to the growth agenda championed by the Coalition Government (2010-date); with the `Innovation and Research Strategy for Growth' (IRSG) published on 8th December 2011. More explicitly, IRSG prioritises business research and development (R&D) in areas where the UK excels, whilst also seeking to develop a wider UK innovation ecosystem that includes universities alongside key knowledge producers. Impact can be observed in recent developments in R&D investment support, and in the strengthening of stronger programmes and policies to support innovation. The research also features strongly in European Union (EU) research, and within the context of shaping the Australian innovation agenda.
Pratt & Whitney (one of the world's largest makers of aircraft engines) has developed a process, "Design for Variation" (DFV), that uses Bayesian methods developed at Sheffield for analysing uncertainty in computer model predictions within the design, manufacture and service of aircraft engines. The DFV process significantly improves cost efficiency by increasing the time an engine stays operational on the wing of an aircraft, so reducing the time that the aircraft is unavailable due to engine maintenance. DFV also saves costs by identifying design and process features that have little impact on engine performance, but are expensive to maintain. Pratt & Whitney estimate the DFV process to generate savings, for a large fleet of military aircraft, of [text removed for publication].
The UK Food and Environment Research Agency (Fera) has used these methods in their risk analyses, for example in assessing risks of exposure to pesticides.