OUR way of life depends on business adapting to rapidly changing world conditions, the Lord Lieutenant of Kent has warned.

Allan Willett, who created his own multi-million pound business, spelt out the challenges in a powerful speech at the University of Kent in Canterbury.

Speaking at a dinner celebrating the achievements of Canterbury Enterprise Hub, he said the county’s continued success depended on our ability to create a high value added economy through enterprise and knowledge transfer.

Businesses faced increasing global competition. There was no longer any point in making things that could be made cheaper elsewhere.

"We in this successful high-cost area of England must adapt to these changes and complexities if we are to protect our way of life," Mr Willett said.

That meant replacing traditional industries and farming and expanding the knowledge-based economy.

Knowledge – "the ultimate product that doesn’t pollute the environment and doesn’t have to be delivered in a 40-tonne truck" – was key. That was where three enterprise hubs – Canterbury, Medway and Sittingbourne – and four universities – Kent, Greenwich, Canterbury Christ Church and Imperial – could help.

"Our universities are ideas factories and they need enterprise hubs to develop these ideas and take them to market," he said.

He added: "Universities are the great drivers of our future economy and we in Kent must nurture and treasure our great seats of learning because they are pre-eminent fountains of knowledge in our modern society.

"When this knowledge is pumped into our communities, it catalyses innovation and entrepreneurship, thereby generating prosperity for all."

Seven years ago, Mr Willett coined the phrase “enterprise hub,” an idea he promoted during his time as chairman of the South East England Development Agency.

Hubs encourage clusters of growth and support local entrepreneurs.

"They are the bridges between the conception and birth of our modern new companies," Mr Willett explained.

He hailed the Canterbury hub as greatly encouraging entrepreneurship, innovation and sustainable economic growth, thereby changing Canterbury from a city no longer dependant on tourism and the retail trade.