Britain’s 5.5 million SMEs are the backbone of our economy – agile, ambitious and quick to seize opportunities. Yet too many are being hobbled by a crisis in leadership, specifically in innovation.

Have universities forgotten their purpose? Ask a business leader and you’ll get the default answer: to produce graduates. But the deeper role – as the intellectual and industrial engine of our cities – has slipped from the collective imagination.

Innovation ecosystems don’t emerge by accident and no one has license to ‘create them’. They require careful cultivation, strategic alignment and collaboration and the right balance of key components working in harmony.

The UK stands at a critical juncture in its innovation journey. Research quality and university-industry collaboration remain strengths, ranking us fourth in the Global Innovation Index 2023, yet the landscape is complex.

Sefton Council Chief Executive Phil Porter welcomed the group to Sefton, highlighting it as a place of both heritage and innovation, balancing historic achievements like Formby’s first-ever lifeboat station with future-facing projects such as Maghull’s £1bn plans for a life sciences park.

Last week, the VEC hosted Novel’s second chapter, on cultivating entrepreneurial excellence and transformative culture. Once again, we heard bold insights from our speakers and practical ideas from our cohort – yet one theme comes up, time and again: Liverpool City Region’s leaders must proactively shape the innovation ecosystem, not wait for external solutions.

The University of Liverpool’s VEC joined forces with the Liverpool City Region Combined Authority to launch a trailblazing new programme that aims to support Liverpool’s business leaders to become world-class in the field of R&D and Innovation commercialisation.