£20,000 report finds that Jersey is ‘risk-averse’ and lacking innovation in business

States Members and business leaders were yesterday briefed by economist Tera Allas who has compiled an investigation into innovation in Jersey and the way it can help boost the economy.

Her report, which Senator Philip Ozouf called a ‘game changing’ start to changing the Island’s support and encouragement of local start-ups and incoming businesses, highlighted the shortcomings and strengths in Jersey’s approach to innovation.

After analysing available data, interviewing business leaders and conducting a Jersey innovation survey, Ms Allas’ found a mixture of strengths and weaknesses in several key business areas.

Her report focussed on money and the funding available to new and established businesses, the ability to find and recruit talented staff, the breadth of knowledge and expertise in the Island, Jersey’s business environment, available innovation policies and the Island’s innovation output.

It also made 33 recommendations, which Ms Allas said could be broadly categorised into three groups – reducing regulation to make Jersey one of the easiest places to set-up and grow a business, extend existing innovation initiatives, such as the Jersey Innovation Fund as well as developing and funding links with existing UK innovation programmes and links to research institutions to increase the Island’s access to expert knowledge.

According to the report, which cost the States £20,000, 44 per cent of surveyed respondents said access to the necessary skills was a barrier to their business.

After presenting her report she said: ‘I wouldn’t have highlighted it in the report if I didn’t think it was a real issue.

‘For a lot of businesses its not a problem because they know how the system works. But there are smaller, newer businesses for whom it is more of a problem.

‘Perception really does shape reality and behaviour so it’s really important for Jersey to reinforce the message that it is open for business.’

In his new role, Senator Ozouf is responsible for Jersey’s finance, competition, digital and innovative sectors.

He said he hoped to have an action plan before the end of the year that would show how Ms Allas’s 33 recommendations would be implemented.

‘I think that this report can be the start of an unleashing of that innovative, entrepreneurial spirit that has got Jersey to where it is today,’ he said.

‘We’ve got to be quite serious about the fact that government has a role to play.

‘Productivity has got to be delivered because our numbers simply are not as good as they should be – we’ve got to believe in ourselves.’

– Advertisement –
– Advertisement –