New study urges more creativity from the service sector

Creative innovation has given many of the UK’s most successful service companies the edge over competitors, according to a new study. The report, commissioned jointly by CBI and QinetiQ, will urge businesses to keep a positive attitude towards risks and creativity even during an economic slowdown. 

CBI Director-General, Richard Lambert said: "When times get tough, firms may want to stick to what they know best rather than try out new ideas. But the services sector contributes three-quarters of the UK’s economic activity, so its continued dynamism is a matter of vital importance.” 

The study also found that company culture and market forces are the two main drivers of innovation in the services sector. But because services are sometimes harder to define than physical products or inventions, the job of protecting this sector’s innovations is more difficult. Service firms’ best protection often comes from being the first to market.