Business

R&D fundamental for Scots companies investing in their future

BUSINESSES investing in their future and planning must not underestimate the importance of research and development, according to entrepreneurs Sir Tom Hunter and Lord Willie Haughey.

Speaking on the Go Radio Business Show with Hunter & Haughey, Sir Tom noted that while the level of investment in R&D depends on the industry in which a company operates, it should be “as much as you can afford”.

Asked by show host Donald Martin how much of a company’s profit should be invested in R&D, Sir Tom said: “There is no flat percentage but you are investing in your future so it should be as much as you can afford.”

Both Sir Tom and Lord Haughey agreed that technology was driving the pace of change.

“I firmly believe that every business is a technology business,” said Sir Tom.

“Technology has taken over and the pace of change in business is driven by the power of a little thing called a computer chip.”

Sir Tom added: “The pace of change in all of our lives keeps getting quicker and quicker and that is why we are so passionate as entrepreneurs – entrepreneurs are the ones who will see and make these changes the quickest, they will be agile and put their thoughts to work to create the jobs of the future.

“It is absolutely fundamental to Scotland’s success.”

Lord Haughey added: “Years ago, big companies like Procter and Gamble were spending billions on advertising – now the power of everyone’s iPhone in their pocket is just as valuable.”

Along with guests from the Scottish business community, The Go Radio Business Show features business advice and insight from Sir Tom and Lord Haughey at 11am on Sundays.

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