An opinion piece from Chamber strategic partner RandalSun Capital’s Chairman Dr Nik Kotecha OBE DL following the Leicester Innovation Festival, which ended on 4th April.
Dr Nik Kotecha OBE is an internationally renowned businessman, scientist, influencer and serial entrepreneur. He founded and led the inspirational growth of leading Midlands-based developer and manufacturer of generic medicines, Morningside Pharmaceuticals Ltd, and is Founder and Chairman of RandalSun Capital. His current global business portfolio is wide ranging and includes investments from start-ups to patient capital, with retained interests in health, life sciences and high innovation, IP rich businesses.
“It’s been a week of incredible conversations, networking and partnerships at Leicestershire Innovation Festival 2025. The networking and learning opportunities the festival provides are so key – because innovation isn’t always easily understood, and sometimes it’s not easy to think of how to implement innovation.
“And it isn’t a coincidental thing either, you don’t usually innovate in your business in an ongoing way, just by accident… but it is also true that for many businesses that I’ve worked with and spoken to, they are innovating…. But often wouldn’t describe it like that – so they don’t always get all the advantages that an innovating business can bring.
“So what is it? Well, it’s still an often-misunderstood term, I find. The ‘shorthand’ people use is that it’s “new stuff, new ideas, new inventions, academic concepts…”
“Stanford defines it in a way I like – “An innovation, by definition, is the process of developing or renewing a technique or product to create or improve value. From innovative entrepreneurs to established businesses, there are many different types of innovations that people and businesses can leverage.”
“Let’s unpack that. This definition of innovation starts with renewing a technique or product…. Whatever your business, you use techniques, perhaps you provide services or products for your customers. Or all of the above! So, you’ll know, innovation is for you! In fact, you’re probably continually innovating but for some, you may not have seen it in that way.
“The definition also touches on creating or improving value. This is where we have huge scope to drive up productivity and build our business balance sheets by creating added value within our companies. Innovative businesses often continually review and renew techniques, refining delivery, improving services and outputs, whilst building core business value, with pace.
“Academic practices which spin out of hypotheses and conceptual notions are also innovative, but the reason I like the Stanford definition of innovation is that it recognises that it doesn’t stop at the idea – academic or otherwise.
“In fact, innovation, within this definition, is tugging at something I believe strongly. And this is that innovation is less about a new or remodelled “thing” – and much more about an organisational culture which continually strives for more, for better, for added value – and for meeting an emerging or anticipated customer need.
“That notion of innovation has really been underlined this week, as I’ve helped to launch and taken part in the Leicestershire Innovation Festival. It’s been inspiring to hear from so many people delivering truly remarkable offerings within their businesses – and learning about the tremendous appetite for growth there is in our city and county businesses, driving our economy, for delivering even more.
“I was pleased to see the Festival agenda including many topics which have been central in my own business journey over time, from exporting for growth to securing capital for novel initiatives. Great too, to see clear platforms given within the festival to manufacturing and to life sciences. Across the Midlands, these elements are central economic capabilities.
“I use those words deliberately, because our central location underpins our region as a manufacturing hub, within the ability to reach about 90% of the UK population from the Midlands within four hours. And our capabilities reflect the ecosystem of life sciences within our region; linked strengths in med tech, pharmaceuticals, clinical trials and the foundations brought by our great universities and medical schools.
“There are many more aspects to our Leicester and Leicestershire economy, of course. From textiles, to green tech, to finance and professional services, retail, hospitality and tourism. And far more besides. Ours is a polymorphous economy but it’s one that is characterised by a few core elements which, no matter which sector, are traits which we share.
“Those include the entrepreneurial passion of our business leaders, something I’ve seen over many years. It includes a tenacity too, in that leadership – after all, we know we operate on a playing field which isn’t level in the Midlands, or in Leicestershire, and our shared business challenges from access to talent to access to Government investment are well documented.
“We’re a business community in Leicestershire which doesn’t stand still. We’re responding continually to need. We evolve in the face of consumer and business demand – and we innovate. Not just in ideas – and we have plenty of those… We innovate in our practices, our processes, our people and our products. In doing so, we are directly supporting business growth, improving productivity, attracting and retaining talent and strengthening our balance sheets.
“So, it’s been a privilege to be part of this year’s festival, to be able to champion this once more – and to advocate for continued, essential investment in the infrastructure and ecosystem of innovation from both central and local government; infrastructure which we’ll continue to lean heavily on, as our foundation for regional growth.”
