Investing in innovation for the long-term
Innovation is not just for technology companies. Investment in innovation in areas such as business process optimization and support for consumer insight will also have a long-term impact. Nurturing an environment in which businesses can innovate is, therefore, more important than ever. This includes the right legislation, an open and accessible workforce, and support from regional and local governments. Regional and local government support, Regional and local government could play a key role in supporting innovation. Funding opportunities could be explored to support innovation in innovative sectors such as digital technology, IoT, or renewables. Resources could also be available from universities and colleges to help businesses develop innovative products and services.
The benefits of investment in innovation
Research & Development improves productivity and growth and can improve the UK's international competitiveness. New technologies will drive growth and generate an economic future for the UK. New inventions have a multiplier effect on the economy. Many new inventions make a very real contribution to improving the quality of people's lives. I see technology as being a driving force behind how the future will be for the UK. Fostering the culture of innovation. While there are many aspects to the future we want, we also need to put innovation at the heart of our economy. This will help us to succeed in the global marketplace as the world changes around us. I welcome the UK's plans to publish a comprehensive national strategy for innovation.
How to invest in innovation
The first thing a business needs to do is identify a way of finding out which areas need developing. In the private sector, the business strategy team could consider which business lines or market sectors are not yet moving in the right direction, highlighting potential areas of improvement. In the public sector, the focus should be on the areas of innovation that businesses are most interested in so that the R&D budget has the best possible chance of making a big difference. This will help improve the standard of services for all sectors of the economy. The overall aim should be to have projects that deliver value for money over a certain time period. Businesses should also be looking to develop new products or services in line with what the market is demanding
Written by Ishmita Vaish