Innovation goes global
Published
December 2007
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Innovation goes global 65KB
Description
Two trends are converging: first, the world is increasingly interlinked and interdependent; second, the balance of economic power is shifting away from the traditional 'West' and towards countries such as China, India and Brazil.
As a result, traditional sources of competitive advantage are being eroded and the capacity to innovate is becoming more important.
However, globalisation is also changing the way innovation happens. Businesses are internationalising their R&D activities and sharing knowledge with external partners, and skilled people are becoming more mobile.
As a consequence, deriving value from innovation increasingly depends on absorbing ideas as much as creating them, and centres of excellence are becoming more rare as they become more excellent.
To make the most of this opportunity, the UK must focus its efforts on those areas where it has a true competitive advantage. Furthermore, it must strive to maintain its status as a crossroads in the global network of knowledge.
This means supporting universities and businesses to collaborate internationally, and ensuring that the benefits from those activities reach the whole of the UK's economy and society.