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Innovation Report Sets Out What We Need To Do To Secure Future
01 Jan 2004
The Innovation Report 'Competing in the Global Economy: the Innovation Challenge', was published by the DTI last month, following a review of innovation policy. The aim of the Report is for the UK to be the leading major country in Europe in terms of business research and development and patenting within a decade.
The Report warns that to hold their own against countries with low labour costs, UK manufacturing businesses need to turn to new ideas, particularly in the areas of nano technology, biotechnology and ICT (information, communication and technology).
Whilst acknowledging the UK's excellent science base and track record in invention, the Report warns that more needs to be done to exploit this for commercial benefit. It proposes action on policies that will encourage UK businesses to increase their investment in new products and services with the aim of continuously increasing the value added.
The detailed action plan covers a wide range of issues that the country needs to address to secure future economic success: A National Technology Strategy; New government procurement guidelines to encourage innovation through the way it spends £109 billion each year on products and services; An increased role for the Small Business Service; More interaction between science and business; The Patent Office to target SMEs with a major awareness-raising programme on intellectual property; The Government's Skills Strategy to equip the workforce with the skills that business needs; and a new CBI/TUC taskforce on innovation.
Funding released by the review of DTI business schemes, together with £90m allocated for nanotechnology, will provide £150 million to underpin the National Technology Strategy.
www.dti.gov.uk/innovationreport
