I started writing this column a year ago – on the request of the Physics World editors – to explain how and why physics is important to business. But during the last 12 months you could be forgiven for thinking I believe physics isn’t important to business. In April, for example, I quoted Geoffrey Nicholson – the father of the Post-it Note – who is alleged to have said, while working at the US adhesives giant 3M, that “research is the transformation of money into knowledge; innovation is the transformation of knowledge into money”.

In citing Nicholson, it might have seemed I was suggesting that research and innovation are completely unrelated activities. My point, however, was that innovation relies on research, but doing it well is far harder than you might realize. While musing about the Internet of Things in my November column, for example, I noted that the most promising applications might succeed for reasons that lie a long way from physics, with software and subscription services potentially holding the key.

Nevertheless, there can be no innovation without strong science. Physics is not just important for fundamental research but also underpins many of today’s business innovations and technologically-driven societal advances. Even last year’s Nobel Prize for Physics, which went for seemingly esoteric work in laser physics, has strong industrial applications. Incidentally, one of the winners – Donna Strickland – will be giving a lecture on her work at the new headquarters of the Institute of Physics (IOP) on 19 February.

A BIG impact

Each year, physics-based businesses – which include manufacturing, energy production, the automotive industry and many others – contribute more than £177bn and €23bn to the UK and Irish economies, respectively, while employing 6.7% of the workforce in the UK and 8.6% in Ireland. The IOP itself reflects this strength. According to a recent top-level survey, around half of IOP members work in business or industry, and (as I have discovered) the organization does a lot to support them.

Nevertheless, some physicists, especially in industry, have at times perceived the IOP as being too academically focused. While I now strongly disagree, it is true that one could always do more. That’s one reason the IOP set up a new group dedicated to Business, Innovation and Growth (BIG). Launched in October 2017 at the Business Innovation Awards reception in the Houses of Parliament, it sits alongside the IOP’s 40 or so existing groups for medical physics, women in physics, energy and so on.

The BIG group will, I hope, complement those other groups, by providing an opportunity for like-minded individuals to meet, network, share experiences and discuss common issues they face. In 2018 we held a number of events on topics such as intellectual property and the health of photonics, and the group’s membership is growing strongly as a result. I was particularly pleased with our launch event, where we encouraged business leaders and entrepreneurs to discuss their experiences – what went well, what went badly and what lessons they had learned.

We held the event under the Chatham House Rule, which allows participants to use any information received but not reveal the identity or affiliation of any speaker or participant. Those now successful entrepreneurs were encouraged to talk through their business journey and we specifically asked them to avoid the usual glossy presentations they might give if they were seeking money from investors. That approach can intimidate business newcomers and simply leave them wondering “how on earth could I do that?”. It was amazing and encouraging to hear how things did go wrong – but how perseverance, hard work and dedication paid off. Those entrepreneurs really didn’t have everything go all their own way!

Meeting of minds

This year promises to be even better and kicks off with the inaugural BIG conference at the IOP in London on 26 February supported by our “sector innovation champions” – Appleyard Lees, Rolls-Royce, Siemens and Unilever. I invite you to come along and hear how small, medium and large businesses have pioneered physics-based innovations and opened new and growing markets. The event ought to have something for everyone from physicists, innovators, entrepreneurs and R&D managers to open innovation experts, engineers, business directors, chief technology officers and chief executives.

Delegates at the conference will be able to hear from winners of last year’s IOP Business Innovation Awards – including EndoMag, Innovative Physics, Leonardo, PepsiCo, Plastipack and Sonobex – who will share the lessons learned and describe how they achieved success. There will be workshops to advance your skills and access new opportunities, including how to seek finance, access global markets, navigate the innovation landscape, avoid jargon and deal with the media. And, of course, there will be plenty of networking opportunities.

Most of all, I hope you will gain insights from our keynote speaker Sir Martin Sweeting, the founder and executive chairman of Surrey Satellite Technology. The firm, which was spun off from the University of Surrey in 1985, pioneered the use of commercial, off-the-shelf components rather than those designed only for space. In launching their first satellite with NASA in 1981, Sweeting and the rest of his founding team showed how their innovative approach could produce small and relatively inexpensive satellites.

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What can the quantum world do for business?

Three decades on, the company now employs 500 staff and has launched more than 60 satellites, each of which has pushed the boundaries of science and innovation. It sits at the forefront of the global small-satellite industry with a market share of 40% in what is a highly competitive growth segment. SSTL is an example for us all. If you’re unable to attend the event, however, do join the BIG group as there will be many more opportunities on offer this year.

More details about the inaugural BIG conference are at big2019.iopconfs.org