Date: Thu 3rd September, 2009
Venue:
Number of Guests Attended: 130
The power of disruptive technology, combined with an organised plan and the right people is the key to growth in any market, according to Dyson director and former Tory minister Richard Needham.
Speaking at this year’s North West Leaders Dinner, which attracted 130 public and private sector heavyweights from across the region to Manchester’s Lowry Hotel, Needham hailed a £700m vacuum cleaner brand that has cornered 40 per cent of the market as an example to follow.
“At Dyson, the plan was to produce disruptive technology different to that being produced by anyone else,” he said.
“Because the market was different, the value was high and we could charge what we liked. Any wealth and profit that is then created can be ploughed back into the business to expand the range of products and stay ahead of the competition.”
Needham said the value of good people to the business could not be underestimated, with most key staff in the Dyson management team in place for ten to 12 years. “They are loyal but also challenged by what [founder] James Dyson does.”
In the current climate he said the business was doing whatever it took to improve the product for retail without increasing costs and would deliver a 20 per cent increase in revenues and a 50 per cent hike in profits this year.
Needham said the key to this was to “follow where the technology takes us”, rather than specifically targeting different sectors. “This is a clever way to look at business,” he said.
In a speech that drew on his political, as well as corporate experience, Needham said the Conservative party could win the next election but would need a balanced approach to succeed in office, including a fair and equal plan for the north.
“They will have to reduce the deficit, taxes and then get the fundamentals right. They are going to have to operate in a fair way across society, including tackling public and private sector pensions and the north-south divide,” he said.
