The key to success is failure… Success is made of 99 percent failure.

When I started off, I was working in a shed behind my house. All I had was a drill, an electric drill. That was the only machine I had.

Britain's great strength is its innovative, design and engineering natural ability and we're not using it.

Nobody wants the expenditure of a lease on a factory which lasts 21 years. You can't plan 21 years ahead.

The important thing is to learn from mistakes - something graduates are adept at. Our graduate engineers are working on new technology - from uncharted applications for our digital motor, to a new take on the hand dryer. With an unhindered mind, nothing is off limits.

A lot of people give up when the world seems to be against them, but that's the point when you should push a little harder. I use the analogy of running a race. It seems as though you can’t carry on, but if you just get through the pain barrier, you'll see the end and be okay. Often, just around the corner is where the solution will happen.

So I think the winners in recession are the people who produce new technology that does things better, which people really want.