Mace has announced a new Innovation Strategy for funding innovation across the group, which will drive progress towards the outcomes of Mace’s 2026 Business Strategy across the company’s four Engines for Growth
Under the new Innovation Strategy, Mace aims to invest more than 2.5% of its annual revenue each year into new products, technology and processes.
The second iteration of its Innovation Strategy: ‘Speed and Scale’, sets out three clear roadmaps for innovation over the next five years in key focus areas for construction – net zero carbon, construction to production and digital & data.
These three areas of investment are intended to lead construction to a future where construction sites, workplaces and the wider industry are connected together, enabling low carbon delivery in a more productive and safer environment.
The innovation strategy will see circa £1m+ made available each year to be bid on by aspiring innovators, designers and problem solvers across Mace to invest in new technology, supporting net zero, construction to production and data and digital projects that will transform how the business delivers the built environment.
The first round of funding is due to be awarded later this year in late Q3 2022.
‘A bold new way of utilising research and development funding’
Mark Reynolds, Mace Group chairman and chief executive, commented: “Over the past five years, we’ve invested more than £300m in research and development across Mace, and our 2026 targets include a minimum 2.5% annual investment of our revenue each year.
““Whilst our corporate strategy has driven industry leading change, many of the major innovations have been delivered on our projects for our clients by talented Mace colleagues who had a bright idea and support they needed to bring it to life.
“Our Ambition Fund is a bold new way of utilising research and development funding to drive that spark further and empower Mace people – and eventually our supply chain partners – to find a better way to deliver for our clients.”
