GROWTH
Evidence - FIVe strategy co-director Sarah Harrold outside the Royal Society of Chemistry ’ s HQ .
HIGH FIVe
FI findings set to be submitted to government
Teesside ’ s Foundation Industries Ventures ( FIVe ), the UK ’ s only incubator and accelerator supporting sustainable , innovative growth for start-ups and spinouts in the foundation industries ( FIs ), has identified the key barriers to innovation and ultimately commercial success thanks to funding from Innovate UK .
FIVe commissioned Amion Consulting and Civikas to support research into barriers facing the cement , metals , chemicals , ceramics , paper and glass sectors . Following interviews and a series of workshops and events , the organisation has identified the economic , industrial and institutional regulations stifling innovation .
Their findings will be part of evidence submitted to the government to help shape their future industrial strategy supporting decarbonisation of the FIs across the UK .
Sarah Harrold , project co-director for FIVe , said : “ The impact of regulation varies by sector , but our research has identified several key challenges including high costs ,
Research – FIVe innovation co-director Lucy Smith with Sheffield Metallurgical and Engineering Association president Bob Ruddlestone .
66 | Tees Business complex compliance requirements and inconsistencies in environmental legislation , particularly around carbon emissions .
“ Similarly , the research also identified some specific barriers around legislation , such as permitting delays , IP and rigid regulatory frameworks which were flagged as obstacles to innovation and commercialisation .”
Established at the start of 2024 , FIVe supports new hard-technology and processes with the potential to cut carbon emissions across the energy-intensive FIs ( which account for 10 % of the UK ’ s annual emissions ).
In partnership with the Foundation Industries Sustainability Consortium ( FISC ), it provides wrap-around support services including business sprints alongside access to investors , mentors and equipment across leading UK scale-up centres to accelerate development and commercialisation .
Lucy Smith , co-director at FIVe , said : “ There is a lack of research-based insights to inform policy , so this research also explores several solutions such as simplifying standards , improving funding access and speeding up permitting processes for innovation on existing licensed sites .
“ It also suggests creating regulatory sandboxes to foster innovation and advocacy networks . And while we will feed the findings into government , we ’ ve already acted by establishing the FIVengage network , creating a vibrant ecosystem and bringing together industry , investors and innovators to share knowledge and solutions .”
And it ’ s been a busy few months for the female-led team who have attended events including Decarb Connect Tech Invest in America , Innovate UK Business Connect Women in Manufacturing , and a celebration of Net Zero North West ’ s Manifesto in the House of Lords .
Lucy was recently invited to speak about the regulatory impact on innovation across the FIs at a meeting of the Sheffield Metallurgical and Engineering Association ( SMEA ), the voice of the materials community in South Yorkshire .
FIVe has also been part of consultations on the structure of the UK government ’ s National Wealth Fund and the need for more chemistry labs to unlock growth and accelerate innovation , led by the Royal Society of Chemistry .
Sarah added : “ We have a responsibility to support the needs of the start-up and spinout community in the UK , working on the sustainability of material production .
“ Ventures are often hesitant to spin out due to high barriers to entry and large capital requirements , meaning vital technologies and processes don ’ t reach the market for adoption into the foundation industries .
“ We hope that by taking a tailored , holistic approach we can not only help more ventures reach commercialisation but can also influence policy and decision making to enable our world-leading manufacturing sectors to grow , seizing opportunities to lead in regional , sustainable growth across our vital industries that will be needed well beyond 2050 .”
Read FIVe ’ s Regulatory Barriers for the Foundation Industries report at fiventures . org and follow them on LinkedIn via the FIVe foundation industries ventures .