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Innovation the key to avoiding economic woes

Depending upon whose view you subscribe to, the prospects for the UK's economy in 2012 range from 'not too wonderful' to something approaching 'apocalyptic'. What is fairly certain is that much of what happens will be out of our control; we'll be along for what might be an interesting ride as the powers that be wrestle with such issues as the future of the Euro.

But it's a situation not too dissimilar to the start of 2011. While it didn't turn out to be the finest year for the UK's economy, 2011 wasn't as bad as some expected – and for some companies, it was a very good year.

One of the problems with the range of doom and gloom on offer is that companies can begin to turn punditry into reality. If they take the view that it really isn't worth investing in new technologies or products, they may well be overtaken by economic malaise.

There will be problems ahead. Small companies – around 60% of UK electronics companies employ fewer than 50 people – will still have issues in getting the working capital they need. Exporters will still be clutching their heads as they look at the latest exchange rates.
But successful companies work to overcome these problems through effective marketing and product design. It's no coincidence that the companies that did will in 2011 very probably did so because they brought innovative products to market which met the needs of their customers, not because they continued to offer the same old things they had for years.

New Electronics wishes you a prosperous and innovative New Year.

Graham Pitcher

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