Gerald Ratner, one of Britain’s best known businessmen whose famous ‘gaffe’ has been voted the worst mistake of all time, will speak to East Midlands’ businesses about how failure allowed him to innovate and build a new business from scratch at this year’s innovation Festival (iFestival) Celebratory Dinner.
Supported by Rolls-Royce and the Derby and Derbyshire Economic Partnership, the iFestival Dinner will be held on Thursday 16 April at Pride Park Stadium.
Gerald Ratner transformed the business, Ratners Jewellers, from a family firm into the world’s largest jewellery retailer by 1990. Following his quip about one of the company’s products being ‘total cr*p’, sales plummeted and he was forced to leave the business. However, Gerald’s experience in the trade taught him valuable lessons and he now runs, in collaboration with Goldsmiths, the UK’s largest online jewellery business Gerald Online.
Gerald will be addressing the audience with his knowledge and humour about his rollercoaster journey of success and failure; how he used the lessons he learned along the way and surrounded himself with successful people.
Speaking about the importance of innovation during difficult times, Gerald said: “Innovation often arises out of failure to find a solution elsewhere. If we are able to find all the answers easily then there is no challenge. Success and rewards come from making changes that really make a difference. After all, if I can make a comeback after my experience, then anyone can.”
David Wallace, Innovation Director at the East Midlands Development Agency (emda), coordinators of the iFestival, said: “The iFestival aims to celebrate and showcase innovation within business, education and other organisations in the East Midlands and encourages people to think about the importance of working and thinking innovatively for the future success and prosperity of the region.
“We are delighted that Gerald is joining us at what will be an inspiring finale to the iFestival, which includes more than 150 events this year. I am sure that his story will encourage and motivate people in the region who might be going through their own difficult challenges and situations.”
Coordinated by emda and managed by East Midlands Innovation, the iFestival’s six-week celebration of innovation runs from 6th March until 17th April and aims to foster a culture of innovation within the region’s young people, businesses and communities.
The iFestival Dinner is the penultimate iFestival event where representatives from leading businesses, organisations and partners from across the East Midlands will also be joined by Iain Gray, Chief Executive of the National Technology Strategy Board.
The iFestival Dinner is an invitation only event. For further information on this and other iFestival events please visit www.eminnovation.org.uk
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Issued on behalf of the iFestival by Lava. For further information contact Matt, Louise or Becky at Lava on 01522 842 800 / matt@lavapr.co.uk / louise@lavapr.co.uk / becky@lavapr.co.uk
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Editor’s Notes:
About Gerald Ratner
• Gerald Ratner is a businessman whose fall from grace was one of the most spectacular ever seen in our times. That ‘gaffe’ that has been voted the worst mistake of all time forced him to leave the business.
• Gerald Ratner took over as CEO of the family jewellery chain in the mid 80s, becoming one of Britain’s best-known businessmen. He transformed it from 130 stores with sales of £13m, to a public company with 2,500 stores and sales of over £1.2bn. By 1990, Ratners Jewellers was the world’s largest jewellery retailer with profits in excess of £120m.
• Following a high profile gaffe in which he described some of the products sold in the stores as ‘total crap’, he was forced to sell the business.
• In 2003 he launched a new venture, geraldonline.com. The specialist diamond retailer sells jewellery, watches and hallmarked gold and silver through a secure site. It has formed alliances with a number of partners including SB&T, an Indian based producer, Goldsmiths and Royal Brierly – the only UK manufacturer of traditional hand blown crystal. The online business is already the largest of its kind in Britain.
About the iFestival
• The iFestival is region-wide and takes place between 6th March and 17th April 2009. Building on the success of 2008, the iFestival will encompass an inspiring, inclusive programme of events, designed to help foster a culture of innovation in the region with activity targeted at young people, businesses, communities and organisations supporting or involved within an innovation environment. Innovation is regarded as a key driver in creating a dynamic, knowledge focused East Midlands’ economy and it is identified as a strategic priority in the Regional Economic Strategy.
• Improved productivity in an increasingly competitive global market means that businesses and organisations in the East Midlands must put innovation at the heart of their core activities, if they are to flourish and stay ahead of the game. The iFestival is being co-ordinated by East Midlands Development Agency (emda) and East Midlands Innovation – The Regional Science and Industry Council. For further information including the latest programme of events and innovation updates please visit: www.eminnovation.org.uk
About East Midlands Innovation
• East Midlands Innovation is the Regional Science and Industry Council that was established in 2005 by emda.
• East Midlands Innovation’s principle responsibility is to take the lead for emda in implementing the Innovation Strategy and Action Plan for the East Midlands with the aim to grow a long term, sustainable, innovation-led economy.
About emda
East Midlands Development Agency (emda) is one of nine Regional Development Agencies in England, set up in 1999 to bring a regional focus to economic development.
Ten years on, independent evaluation shows emda has:
• Had a significant impact on the region’s economy
• Generated economic benefits that substantially outweigh its overall costs
• Put back over £9 of economic output (or GVA) into the regional economy for every £1 it spends
• Produced more than £1 billion in economic benefits per year
• A wider impact on people, places and businesses in the East Midlands that cannot be captured by figures alone.
emda is committed to supporting the region through the current downturn and has put in place a range of measures to provide real help during these challenging times.
Over the long term, emda’s aim is to deliver the 2006 Regional Economic Strategy (RES) by working in partnership with public, private and voluntary organisations. The RES highlights the themes of productivity, sustainability and equality and sets out key priorities until 2020 to ensure the vision for ‘a flourishing region’ can be achieved.
For more details visit www.emda.org.uk
