Hollie Whittles, director of two digital companies, FraggleWorks and Purple Frog Systems, joined Martin McTague, National Chair of FSB and other representatives at a meeting with Gareth Davies MP, who is Exchequer Secretary to the Treasury.A 'Tech Tonic' report has been put together by the FSB, outlining key points on the topics in further detail and including key policy requests to the Government from the voice of small businesses who make up 99 per cent of the UK Economy.
The report's findings include nearly seven in ten small businesses saying they have introduced innovative changes in the last three years.Small businesses which have introduced innovation have seen a 14.8 per cent increase in revenues as a result of doing so. The report also reveals that 76 per cent of female small business owners have innovated their business in the last three years compare to 66 per cent of male counterparts.
Small business owners spent 14 per cent of their time in the last 12 months on innovation while the report said 30 per cent of small firms identified financial cost as a top barrier to improving their products. It also said that 39 per cent of small businesses would be encouraged to innovate if they had more information and support with implementing.