<br />
THE INNOVATION ISSUE<br />
NOVEMBER 2013 | ICAEW.COM/ECONOMIA ISSUE 21 | INTELLIGENCE AND INSIGHT<br />
“What<br />
we're<br />
doing's<br />
pretty<br />
cool”<br />
Going<br />
underground<br />
with<br />
Crossrail's<br />
finance<br />
director<br />
David<br />
Allen<br />
DAVID WILLETTS<br />
MATT KINGDON<br />
DAVID GANN<br />
TIM SCORE<br />
STARS OF INNOVATION<br />
PRACTICE OF THE FUTURE<br />
ADVISING START-UPS<br />
UK REGIONAL HUBS<br />
<br />
The art of politics lies<br />
in attaching yourself<br />
to successes and<br />
distancing yourself<br />
from failure. The same<br />
is true in business,<br />
where reputation risk<br />
holds back innovation.<br />
This has been the case for all time. JFK<br />
declared after the Bay of Pigs that<br />
“Victory has many fathers, while defeat<br />
is an orpha<a title="Economia Nov 2013 page 1" href="http://viewer.zmags.com/publication/28fd10e7?page=1"> THE INNOVATION ISSUE NOVEMBER 2013 </a>
<a title="Economia Nov 2013 page 2" href="http://viewer.zmags.com/publication/28fd10e7?page=2"> </a>
<a title="Economia Nov 2013 page 3" href="http://viewer.zmags.com/publication/28fd10e7?page=3"> The art of politics lies in attaching yourself to</a>
<a title="Economia Nov 2013 page 4" href="http://viewer.zmags.com/publication/28fd10e7?page=4"> </a>
<a title="Economia Nov 2013 page 5" href="http://viewer.zmags.com/publication/28fd10e7?page=5"> </a>
<a title="Economia Nov 2013 page 6" href="http://viewer.zmags.com/publication/28fd10e7?page=6"> </a>
<a title="Economia Nov 2013 page 7" href="http://viewer.zmags.com/publication/28fd10e7?page=7"> </a>
<a title="Economia Nov 2013 page 8" href="http://viewer.zmags.com/publication/28fd10e7?page=8"> ICAEW in this issue </a>
<a title="Economia Nov 2013 page 9" href="http://viewer.zmags.com/publication/28fd10e7?page=9"> PHOTOGRAPHY: NICK BALLON There is more technical</a>
<a title="Economia Nov 2013 page 10" href="http://viewer.zmags.com/publication/28fd10e7?page=10"> EDITORIAL ADVISORY BOARD Arthur Bailey FCA (Cha</a>
<a title="Economia Nov 2013 page 11" href="http://viewer.zmags.com/publication/28fd10e7?page=11"> </a>
<a title="Economia Nov 2013 page 12" href="http://viewer.zmags.com/publication/28fd10e7?page=12"> In review THE INTERNATIONAL PICTURE </a>
<a title="Economia Nov 2013 page 13" href="http://viewer.zmags.com/publication/28fd10e7?page=13"> THE AUDIT Minimum wages </a>
<a title="Economia Nov 2013 page 14" href="http://viewer.zmags.com/publication/28fd10e7?page=14"> THE AUDIT Good m</a>
<a title="Economia Nov 2013 page 15" href="http://viewer.zmags.com/publication/28fd10e7?page=15"> </a>
<a title="Economia Nov 2013 page 16" href="http://viewer.zmags.com/publication/28fd10e7?page=16"> THE AUDIT As I see it Julie Richings was made fi</a>
<a title="Economia Nov 2013 page 17" href="http://viewer.zmags.com/publication/28fd10e7?page=17"> </a>
<a title="Economia Nov 2013 page 18" href="http://viewer.zmags.com/publication/28fd10e7?page=18"> THE AUDIT From the top L ast m</a>
<a title="Economia Nov 2013 page 19" href="http://viewer.zmags.com/publication/28fd10e7?page=19"> BANKS WILL FIGHT CLAIMS OF INTEREST- RATE SWAP MI</a>
<a title="Economia Nov 2013 page 20" href="http://viewer.zmags.com/publication/28fd10e7?page=20"> </a>
<a title="Economia Nov 2013 page 21" href="http://viewer.zmags.com/publication/28fd10e7?page=21"> THE AUDIT PITCH PERFECT An entrepreneur who foun</a>
<a title="Economia Nov 2013 page 22" href="http://viewer.zmags.com/publication/28fd10e7?page=22"> THE AUDIT Book reviews Richard Cree examin</a>
<a title="Economia Nov 2013 page 23" href="http://viewer.zmags.com/publication/28fd10e7?page=23"> Payroll is sitting on gold Payrolls, outsourced o</a>
<a title="Economia Nov 2013 page 24" href="http://viewer.zmags.com/publication/28fd10e7?page=24"> W hen I left O2 in </a>
<a title="Economia Nov 2013 page 25" href="http://viewer.zmags.com/publication/28fd10e7?page=25"> THE AUDIT </a>
<a title="Economia Nov 2013 page 26" href="http://viewer.zmags.com/publication/28fd10e7?page=26"> YOU'VE BUILT YOUR REPUTATION. LET OUR CERTIFICATI</a>
<a title="Economia Nov 2013 page 27" href="http://viewer.zmags.com/publication/28fd10e7?page=27"> THE AUDIT The graph Britain by numbers, a statis</a>
<a title="Economia Nov 2013 page 28" href="http://viewer.zmags.com/publication/28fd10e7?page=28"> Michael Izza The nature of nurture T </a>
<a title="Economia Nov 2013 page 29" href="http://viewer.zmags.com/publication/28fd10e7?page=29"> OPINION TOP FIVE MOST READ STORI</a>
<a title="Economia Nov 2013 page 30" href="http://viewer.zmags.com/publication/28fd10e7?page=30"> OPINION George Eaton Innovative policies can be </a>
<a title="Economia Nov 2013 page 31" href="http://viewer.zmags.com/publication/28fd10e7?page=31"> OPENING DOORS TO .36)(3.96>;/67769;<50;0,: </a>
<a title="Economia Nov 2013 page 32" href="http://viewer.zmags.com/publication/28fd10e7?page=32"> Katharina Pistor Lessons from the EU and US on ma</a>
<a title="Economia Nov 2013 page 33" href="http://viewer.zmags.com/publication/28fd10e7?page=33"> OPINION Cathy Newman Duncan Smith's figures give</a>
<a title="Economia Nov 2013 page 34" href="http://viewer.zmags.com/publication/28fd10e7?page=34"> Vietnam Vietnam AT A GLANCE From a near standing</a>
<a title="Economia Nov 2013 page 35" href="http://viewer.zmags.com/publication/28fd10e7?page=35"> INTERNATIONAL VIETNAM PANOS PICTURES, MARK HENLE</a>
<a title="Economia Nov 2013 page 36" href="http://viewer.zmags.com/publication/28fd10e7?page=36"> 2011 429,363 2012 6,168,000 </a>
<a title="Economia Nov 2013 page 37" href="http://viewer.zmags.com/publication/28fd10e7?page=37"> INTERNATIONAL I NNOVATION MAP 2011 43,959 3.4% 1</a>
<a title="Economia Nov 2013 page 38" href="http://viewer.zmags.com/publication/28fd10e7?page=38"> Brazil, Russia, India and China Over the last fiv</a>
<a title="Economia Nov 2013 page 39" href="http://viewer.zmags.com/publication/28fd10e7?page=39"> ADVERTORIAL FD: HAVE YOU GOT WHAT IT TAKES? Not </a>
<a title="Economia Nov 2013 page 40" href="http://viewer.zmags.com/publication/28fd10e7?page=40"> Tunnel vision Crossrail is one of the biggest in</a>
<a title="Economia Nov 2013 page 41" href="http://viewer.zmags.com/publication/28fd10e7?page=41"> COVER STORY DAVID ALLEN </a>
<a title="Economia Nov 2013 page 42" href="http://viewer.zmags.com/publication/28fd10e7?page=42"> CAREER HIGHLIGHTS 1991 St Peter's College, Oxford</a>
<a title="Economia Nov 2013 page 43" href="http://viewer.zmags.com/publication/28fd10e7?page=43"> COVER STORY DAVID ALLEN “Finance only makes s</a>
<a title="Economia Nov 2013 page 44" href="http://viewer.zmags.com/publication/28fd10e7?page=44"> What innovation means to me When we talk about ne</a>
<a title="Economia Nov 2013 page 45" href="http://viewer.zmags.com/publication/28fd10e7?page=45"> running CPI, which is all about stimulating peopl</a>
<a title="Economia Nov 2013 page 46" href="http://viewer.zmags.com/publication/28fd10e7?page=46"> ALEX VAN SOMERON “The UK has been highly innov</a>
<a title="Economia Nov 2013 page 47" href="http://viewer.zmags.com/publication/28fd10e7?page=47"> innovation that has, quite literally in this case</a>
<a title="Economia Nov 2013 page 48" href="http://viewer.zmags.com/publication/28fd10e7?page=48"> GLOBAL LIST Britain absent on innovation list for</a>
<a title="Economia Nov 2013 page 49" href="http://viewer.zmags.com/publication/28fd10e7?page=49"> SIR JOHN CHISHOLM people – the creators and t</a>
<a title="Economia Nov 2013 page 50" href="http://viewer.zmags.com/publication/28fd10e7?page=50"> THE TIPPING POINT Risking innovation means stepp</a>
<a title="Economia Nov 2013 page 51" href="http://viewer.zmags.com/publication/28fd10e7?page=51"> INNOVATION RISK T </a>
<a title="Economia Nov 2013 page 52" href="http://viewer.zmags.com/publication/28fd10e7?page=52"> Yet could that prove to be the catalyst that </a>
<a title="Economia Nov 2013 page 53" href="http://viewer.zmags.com/publication/28fd10e7?page=53"> one which is driven by their financiers. It is ca</a>
<a title="Economia Nov 2013 page 54" href="http://viewer.zmags.com/publication/28fd10e7?page=54"> </a>
<a title="Economia Nov 2013 page 55" href="http://viewer.zmags.com/publication/28fd10e7?page=55"> SUPPORTED BY Nick </a>
<a title="Economia Nov 2013 page 56" href="http://viewer.zmags.com/publication/28fd10e7?page=56"> Clockwise, from right: Vanina Schick, b</a>
<a title="Economia Nov 2013 page 57" href="http://viewer.zmags.com/publication/28fd10e7?page=57"> “Twelve months ago there was incomprehension arou</a>
<a title="Economia Nov 2013 page 58" href="http://viewer.zmags.com/publication/28fd10e7?page=58"> to have those conversations, instead of which we </a>
<a title="Economia Nov 2013 page 59" href="http://viewer.zmags.com/publication/28fd10e7?page=59"> was a lot of opportunity for error.” As a res</a>
<a title="Economia Nov 2013 page 60" href="http://viewer.zmags.com/publication/28fd10e7?page=60"> Tomorrow's world We live in an era of rapid tech</a>
<a title="Economia Nov 2013 page 61" href="http://viewer.zmags.com/publication/28fd10e7?page=61"> INNOVATION PRACTICE MANAGEMENT ILLUSTRATION: CHA</a>
<a title="Economia Nov 2013 page 62" href="http://viewer.zmags.com/publication/28fd10e7?page=62"> “Accountants will be like the guys who used </a>
<a title="Economia Nov 2013 page 63" href="http://viewer.zmags.com/publication/28fd10e7?page=63"> Ian Barker, director at recruiter Hays, says </a>
<a title="Economia Nov 2013 page 64" href="http://viewer.zmags.com/publication/28fd10e7?page=64"> Stronger together Small and specialist businesses</a>
<a title="Economia Nov 2013 page 65" href="http://viewer.zmags.com/publication/28fd10e7?page=65"> CASE STUDY: DALES TOURISM BUS</a>
<a title="Economia Nov 2013 page 66" href="http://viewer.zmags.com/publication/28fd10e7?page=66"> at a healthy rate. The Temple Quarter comprises 7</a>
<a title="Economia Nov 2013 page 67" href="http://viewer.zmags.com/publication/28fd10e7?page=67"> INNOVATION LOCAL HUBS </a>
<a title="Economia Nov 2013 page 68" href="http://viewer.zmags.com/publication/28fd10e7?page=68"> ARE WE KISSING ENOUGH FROGS? 16 MATT</a>
<a title="Economia Nov 2013 page 69" href="http://viewer.zmags.com/publication/28fd10e7?page=69"> THE ECONOMIA ESSAY reporting? H</a>
<a title="Economia Nov 2013 page 70" href="http://viewer.zmags.com/publication/28fd10e7?page=70"> TOP SCORE ARM Holdings is the success story </a>
<a title="Economia Nov 2013 page 71" href="http://viewer.zmags.com/publication/28fd10e7?page=71"> PROFILE TIM SCORE CAREER IN A N</a>
<a title="Economia Nov 2013 page 72" href="http://viewer.zmags.com/publication/28fd10e7?page=72"> dŚĞŝŶƚĞůůŝŐĞŶƚƚŽŽůƚŚĂƚƌĞĚƵĐĞƐƚŚĞƟŵĞ͕ĐŽƐƚ ĂŶĚƌŝƐŬŝ</a>
<a title="Economia Nov 2013 page 73" href="http://viewer.zmags.com/publication/28fd10e7?page=73"> Technical The top five Audit and financial repo</a>
<a title="Economia Nov 2013 page 74" href="http://viewer.zmags.com/publication/28fd10e7?page=74"> Key developments COMPANY List of restricti</a>
<a title="Economia Nov 2013 page 75" href="http://viewer.zmags.com/publication/28fd10e7?page=75"> TECHNICAL UPDATES As it is st</a>
<a title="Economia Nov 2013 page 76" href="http://viewer.zmags.com/publication/28fd10e7?page=76"> Here for the gear With the temporary rise in A</a>
<a title="Economia Nov 2013 page 77" href="http://viewer.zmags.com/publication/28fd10e7?page=77"> TECHNICAL CAPITAL ALLOWANCES underst</a>
<a title="Economia Nov 2013 page 78" href="http://viewer.zmags.com/publication/28fd10e7?page=78"> Start me up Start-ups are seen as the holy gra</a>
<a title="Economia Nov 2013 page 79" href="http://viewer.zmags.com/publication/28fd10e7?page=79"> TECHNICAL TAX instance, someone migh</a>
<a title="Economia Nov 2013 page 80" href="http://viewer.zmags.com/publication/28fd10e7?page=80"> United we stand? Partners must pull in the sam</a>
<a title="Economia Nov 2013 page 81" href="http://viewer.zmags.com/publication/28fd10e7?page=81"> TECHNICAL PRACTICE MANAGEMENT Us</a>
<a title="Economia Nov 2013 page 82" href="http://viewer.zmags.com/publication/28fd10e7?page=82"> Magma Chartered Accountants: Fresh thinking Offe</a>
<a title="Economia Nov 2013 page 83" href="http://viewer.zmags.com/publication/28fd10e7?page=83"> TECHNICAL PRACTICE PROFILE ILLUSTRATION: ARON VE</a>
<a title="Economia Nov 2013 page 84" href="http://viewer.zmags.com/publication/28fd10e7?page=84"> AVOID THE LINE OF FIRE Tolley® Are </a>
<a title="Economia Nov 2013 page 85" href="http://viewer.zmags.com/publication/28fd10e7?page=85"> TECHNICAL DISCIPLINARIES Disciplinary listin</a>
<a title="Economia Nov 2013 page 86" href="http://viewer.zmags.com/publication/28fd10e7?page=86"> Life Gadgets Life version 2.0 The technical i</a>
<a title="Economia Nov 2013 page 87" href="http://viewer.zmags.com/publication/28fd10e7?page=87"> At the HQ of the Murata </a>
<a title="Economia Nov 2013 page 88" href="http://viewer.zmags.com/publication/28fd10e7?page=88"> đ đ GOOGLE GLASS Google's epocha</a>
<a title="Economia Nov 2013 page 89" href="http://viewer.zmags.com/publication/28fd10e7?page=89"> đ reply window o</a>
<a title="Economia Nov 2013 page 90" href="http://viewer.zmags.com/publication/28fd10e7?page=90"> Restaurants To tie in with our focus on the ne</a>
<a title="Economia Nov 2013 page 91" href="http://viewer.zmags.com/publication/28fd10e7?page=91"> Professional Mortgage. </a>
<a title="Economia Nov 2013 page 92" href="http://viewer.zmags.com/publication/28fd10e7?page=92"> LIFE HEALTH AND FITNESS </a>
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<a title="Economia Nov 2013 page 94" href="http://viewer.zmags.com/publication/28fd10e7?page=94"> Our growth. Your opportunity. Opportunities in A</a>
<a title="Economia Nov 2013 page 95" href="http://viewer.zmags.com/publication/28fd10e7?page=95"> Recruitment Escape Corporate Life AIMS is the l</a>
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<a title="Economia Nov 2013 page 97" href="http://viewer.zmags.com/publication/28fd10e7?page=97"> BUSINESS DIRECTORY </a>
<a title="Economia Nov 2013 page 98" href="http://viewer.zmags.com/publication/28fd10e7?page=98"> LIFE AFTER WORK </a>
<a title="Economia Nov 2013 page 99" href="http://viewer.zmags.com/publication/28fd10e7?page=99"> SPECIAL INTEREST GROUPS – ACCESS YOUR SECTOR Sw</a>
<a title="Economia Nov 2013 page 100" href="http://viewer.zmags.com/publication/28fd10e7?page=100"> “Our bank has £250m to lend owner managed busines</a>