WMG SME Group pilots new Business Model Innovation Programme

WMG SME Group welcomed senior representatives from Redditch-based Listertube, a tube-engineering and tube stockist company, to pilot its new Business Model Innovation Programme on 28th June 2017.

The programme is delivered via WMG’s Product Innovation Accelerator project, which is part-funded through the European Regional Development Fund.

This new programme aims to help proactive SMEs strengthen their commercial sustainability by becoming more future-focused, and not just content with a ‘business as usual’ mind set. Businesses will discover exciting opportunities for innovation, from identifying new markets to exploit, meeting previously unrealised customer needs and exploring unexpected ways of increasing their profitability.

Listertube was the first business to benefit from this new two-day programme, which focuses on four distinct steps:

  • Discover new business model innovations
  • Define your opportunities and prioritise
  • Develop an agile approach
  • Deliver a successful outcome

By the end of the programme, Listertube had a clearer understanding of how to select, develop and deliver business model opportunities in a way that reduces risk, saves money and maximises their chances of success.

The pilot programme was developed and delivered by Dr Phil Hamilton, Technology Transfer Engineer at WMG and Matt Stocker, Consultant at Stocker Partnerships, who both have considerable, combined experience in developing and improving business models.

Peter Davies, Chief Executive of James Lister & Sons Limited, said: “The ability to capture our whole perception of the business in such a coherent way has been really quite useful and I want to go away and process that more. I’ve definitely got a better understanding of my own business even though I thought I knew it, now that I can actually see it all written out.”

If you would like further information about this programme and other forms of support available to SME manufacturers please contact us on 02476 574 299 or via email: wmgsme@warwick.ac.uk.

The WMG SME Group is a dynamic team based at the University of Warwick, pioneering university support for innovation in small and medium sized businesses. We accelerate productivity and growth in SMEs by applying research-led tools and techniques, building sustainable and collaborative relationships.

 

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