This briefing examines how the UK can remain a competitive environment for innovation.
- Globalisation is changing the way innovation happens.
- The UK has strengths as a location for innovation, but needs more and better skills.
- Innovation that matters to the UK is often in services, and policy needs to recognise this move from traditional manufacturing-based innovation.
- Policy must also focus on keeping the UK at a crossroads in the global network of knowledge.
- Building a competitive innovation system will also mean simplifying IP for business and focusing on areas of competitive advantage.
The world is becoming increasingly interlinked and interdependent. At the same time, the balance of economic power is shifting 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.
This briefing looks at how the UK can make the most of this opportunity.