Innovation on the rise in Flemish businesses

Summary

More companies in the region are investing in innovations to their products and services than ever before, which leads to growth and jobs, says Philippe Muyters

‘Investing in the future’

Companies in Flanders are more involved with innovation now than ever before, according to Flemish employment minister Philippe Muyters. The minister has referenced figures from the region’s expertise centre for research and development monitoring agency, Ecoom.

Every two years, Ecoom measures the rate at which Flemish businesses are investing in innovation related to products and processes. The last enquiry was in 2013.

Ecoom has discovered that the innovation index in Flanders – the percentage of companies actively innovating in some aspect of their business – has gone up from 49% to 57%. That means Flemish companies have now gone past the level in place before the economic crisis of 2008.

The 57% figure is for all companies in general. Companies in low-tech industries achieved a figure of 54%, while hi-tech companies were at 71%. Large companies achieved a figure of 76%, while small and medium-sized enterprises remained around the average at 56%.

“These figures show that our Flemish enterprises have regained their confidence and are investing in the future with new products and processes,” Muyters said in a statement. “The importance of innovation in enterprise cannot be overstated as the motor behind economic growth and job creation.”

Photo courtesy ondernemeninhasselt.be