Awards are an important part of the innovation landscape, providing a fantastic opportunity to celebrate success, showcase innovation and recognise hard work. Oxfordshire has a healthy innovation economy and this is reflected in the number of local awards and the quality of the companies entering and winning them.

What are the benefits? We often hear that awards are one of the most cost-effective and powerful marketing tools, and that they help organisations to stand out from the crowd.

But do they really send a positive message to existing customers, and do they actually help with opportunities and growth?

Talking to previous winners of some of Oxfordshire’s innovation awards, one of the major benefits has been the publicity they generate.

This is not just a profile-raising exercise but also a way of generating interest from potential investors and customers.

Mike Lawton received two awards in 2007. The first was Up and Coming Entrepreneur with the Martin and Audrey Wood Awards Enterprise Awards, and the second was the Innovation category at the Oxfordshire Business Awards for his biofuels business Regenatec, based at Milton Park.

He said: “Winning the awards helps bring recognition, differentiation and endorsement to an early stage company.

“This is absolutely critical in today's business climate. Potential customers, some of whom will invariably have not yet heard of you, are reassured by the attainment of a credible award.

“In Oxfordshire, where Sir Martin and Lady Audrey Wood are held in particularly high regard, the awards have helped Regenatec gain good commercial traction with our local authority customers.”

Other companies have experienced similar customer-related benefits.

Carl Francis, chief executive of Milton Park-based liquid repellent coating firm P2i which won the Innovation category of the 2009 Oxfordshire Business Awards, said: “Winning strongly reinforces the view that our technology is not only revolutionary but also commercially successful.

“It also clearly demonstrates to existing and potential customers that we take a fully entrepreneurial approach to business and that innovation is central to each and every member of the team.”

Team recognition featured highly in the benefits that Milton Park-based Oxford Immunotec experienced with its Martin and Audrey Wood Enterprise Award in 2007.

Chief executive Dr Peter Wrighton-Smith said: “When you are involved in a fast-growing small company, the struggle for survival and growth is all-consuming.

“Receiving awards is a great honour, but it is also a rare opportunity to take a few moments to reflect on the journey so far, and to take pleasure from how far you’ve come.

“It is also an opportunity to celebrate that success with all the staff who have helped to create it, and I believe it helps to build pride in their company and confidence in their power to achieve great things in the future.”

Mr Wrighton-Smith added that awards also give potential customers a positive impression.

“They provide a small company with some added stature and credibility, both of which can be very helpful in making deals with larger companies,” he said.

“Consequently, the awards we have received over the years have contributed to our success as well as reflected it.”

The exposure companies receive with any credible award can also act as a springboard to kick-start other opportunities.

Stephen Clemmet, of Polymertronics, winner of the 2007 New Technology Company award at the Martin and Audrey Wood Enterprise Awards, based at the Begbroke Science Park, Yarnton, found the added exposure resulted in an invitation to write a book on its expertise surrounding plastic electronics.

Awards are not all about winning, though. Just being involved can bring benefits to a small firm.

Feedback, focus and reflection are all valuable to a company that is busy concentrating on the immediate task of getting down to business.

For more information about some of the upcoming awards visit: o www.oxin.co.uk/martin-audrey-wood-enterprise-awards (closing date September 14) o www.iawards.org.uk (closing date September 16) o www.oxfordshirebusinessawards.co.uk (the 2010 awards will be launched in November) o This page is compiled by Science Oxford www.scienceoxford.com