Export success and the need to adapt to technological innovation were among the topics discussed at the latest meeting of the Exeter Initiative for Science & Technology (ExIST).
Around 90 guests from businesses in the region were given plenty of food for thought during Wednesday's event at the Flybe Training Academy at Exeter Airport.
Speakers included Kate Doodson, of East Devon IT social enterprise Cosmic, who explored some of the key technological trends affecting businesses.
Highlighting research by Boston Consulting Group, she pointed out that the UK is at the forefront of the online economy, with 12.4 per cent of GDP forecast to come from online trade in 2016. And online retail is expected to account for 23 per cent of total retail spending within three years.
Arguing that businesses need to adapt to the 'post-PC' age, as more and more consumers access online services via tablet computers and mobile phones, Kate said: "We are moving into the mobile era. On average people have their mobile phones within reach 14 hours a day – there's no other technology we have like that. Mobile phones are becoming our wallets."
She also explained how 'augmented reality' apps are enabling consumers to access information and make purchases by using their camera phones to browse the internet.
"This stuff is happening for real, for now," said Kate.
Delegates also heard how expansion in Russia is helping one of Devon's leading manufacturing firms to weather the sluggish economic conditions holding back demand across Western Europe.
Centrax, which makes gas turbines and components in Newton Abbot for customers in a range of industries around the world, now employs 11 Russian mechanics to provide ongoing maintenance support for its installations in the oilfields of Siberia.
The company's gas turbine division has sold around 35 machines to the country's oil producers in the past five years, each order worth several million pounds.
Peter Ward, general manager of sales and marketing, said the success of a three-pronged diversification strategy had enabled Centrax to maintain a stable turnover and retain its skilled workforce – a considerable achievement during turbulent economic times.
The vast majority of the company's 776 employees are based at its Devon headquarters.
"Our expansion into emerging markets is going very well, so we are managing to keep our turnover and headcount fairly stable," said Mr Ward.
"Whereas India has slowed, Russia has exceeded our expectations and what that's done is replace a lot of our traditional business, which has always been in Europe. All the manufacturing and business development is done in Devon, so it all comes back to sustaining the workforce we have here."
Delegates also heard how businesses such as Trade Wind Turbines are using knowledge transfer partnerships to make commercial use of research carried out at the University of Exeter.
