Long-term plan to stimulate private sector investment across the UK and create the right conditions for all businesses to turn the world’s best science into new products and services Business Minister Kwasi Kwarteng: Countries with leadership in transformative technologies lead the world will do It is our mission to keep the UK in line with the global innovation race.
To put the UK at the forefront of the global innovation race, a new initiative to stimulate private sector investment is set in a new innovation strategy announced today (Thursday 22 July) by Business Minister Kwasi Kwarteng.
Today’s innovation strategy is the government’s long-term vision to put innovation at the center of rebuilding for the better as a key pillar of its plans for growth. It aims to increase private sector investment in R&D across the UK and create the right conditions for all businesses to have the confidence to innovate.
The UK is committed to boosting annual public investment in R&D to a record 22 billion, but the private sector also plays a key role in boosting R&D spending. From tackling climate change and boosting productivity to leveling opportunities across the UK and supporting businesses from the pandemic.
The pandemic has shown us that key challenges can be addressed with ambitious investments in science, technology, innovation and entrepreneurship, and gives the public what British innovators can offer when ambitious support, freedom and risk sensitivity are provided. showed
This strategy applies lessons learned from the pandemic, including the UK’s Vaccine Taskforce, where the public and private sectors have successfully collaborated, and applies them to drive relative declines in business R&D investment, skills gaps and innovation. The need for a business-friendly regulatory environment for
To achieve this goal, the Government will assign an innovation mission to set a clear direction, urgency and speed for the problems facing the UK that it intends to solve with the private sector over the next several years. This is determined by the new National Science and Technology Council and supported by the Office for Science and Technology Strategy.
The Government is also outlining seven strategic technologies to prioritize and build on existing R&D strengths, which the UK has globally competitive and industrial strengths, including clean technologies, robotics, genomics and AI.
This strategy outlines how governments can focus their efforts to support businesses and institutions on the cutting edge of innovation, and sets plans in four areas:
A business that energizes businesses that want to innovate by ensuring effective access to private and public investments People who create the world’s most exciting venues for talented innovators Institutions and venues R&D institutions serve business needs and are located across the UK Ensuring innovation in the place Technology that gives the UK a strategic advantage and stimulates innovation in technologies and missions critical to addressing our greatest challenges
Business Secretary Kwasi Kwarteng said:
Britain can look back on a proud history of changing the world through innovation. From the Industrial Revolution to last year’s vaccine development, the impact on our daily lives is undeniable.
That spirit of discovery still lives on in the country today, but we haven’t always turned our innovation genius into jobs and companies here in England.
Countries that gain leadership in these transformative technologies will lead the world, enjoy unparalleled growth, security and prosperity for decades to come, and it is our mission to keep the UK in line with the global competition for innovation.
With this long-term initiative, we want to rekindle the spark of innovation and discovery and help businesses seize the vast opportunities that innovation can bring.
If we understand this properly, we can lay the groundwork for the new industries of the future, and enable UK companies to lead the way and transform the world’s best science into successful new products and services on the international market.
Through its innovation strategy, governments:
Increase annual public investment in R&D to a record 22 billion. Consulting Regulatory Horizons Council on how to ensure that government procurement is proactive and supportive and ensure that the UK is well positioned to extract the best value from innovation through regulation of providing pathways to market for innovative new products and services. It commissions the sector to consider how best to support innovation through regulation, including examining whether there are high-level guidelines for regulation that are broadly applicable. Introducing new high-potential individual and extended visa pathways, and activating the Innovator pathway to attract and retain highly-skilled global mobile innovation talent Expanding intellectual property training programs for researchers over the next 12 months between Innovate UK and British Business Bank and launch international intellectual property services to strengthen the ability of innovative companies and researchers to collaborate confidently, export and invest abroad. Investing 200 million through British Business Banks Life Sciences Investment Program to target the growth phase funding gap facing prosperous British life sciences companies, and long-term growth
This strategy identifies areas where the UK has a globally competitive R&D and industrial strength and will transform our economy in the future – advanced materials and manufacturing; AI, digital and advanced computing; bioinformatics and genomics; engineering biology; electronics, photonics and quantum; energy and environmental technologies; Robotics and smart machines.
Partners in the innovation system are critical to realizing our ambitions, and the Business Minister has asked Innovate UK and UK Research and Innovation (UKRI) to operate this strategy to achieve our shared goals.
Governments will work with universities and other research institutions, charities, catapults, public sector research institutions, and research and innovation institutions that will play a key role in implementing the strategy.
As part of its commitment to enabling innovative businesses across the UK to leverage these strengths, the Strength in Places Fund, provided by UK Research and Innovation (UKRI), will receive 127 million shares in five pioneering projects.
In the North of England, 22.6 million people are awarded by the Advanced Machinery & Productivity Initiative to help UK high-tech machine manufacturers drive innovation, adopting the latest technologies such as robotics in the Midlands, and 18.3 million are awarded to the Midlands. Industrial Ceramics Group Improving Manufacturing Processes for Advanced Ceramics – Funding to Make Ceramic Manufacturing More Energy Efficient, Faster, and Cheaper to Work in Scotland and Cumbria, 21.3 Million Funds Go to Digital Dairy Value-Chain Projects . The media.cymru project, which will combine digital communications and advanced manufacturing in Wales to create a more sustainable dairy industry, will bring together UK broadcasters, small local businesses and freelancers to help Smar by 22.2 million people and 42.4 million people in Northern Ireland. t Nano The NI project accelerates the development of new nanoscale optical components that will power the digital devices of the future.
In addition to the Strength in Places fund, the 25 million grant to the Connecting Capability Fund will help drive further economic growth through university business transformation, and eight new prosperity partnerships will harness the power of science and engineering to build business-driven research projects. will do With 59 million industrial, university and government investments, we develop innovative new technologies that benefit businesses.
Note to editors
Specific strategies for leveling up through research and innovation will be prepared as part of the government leveling white paper in the future.
In addition, the government through its innovation strategy:
We design training to enhance the skills of the next generation of lenders to support their ability to assess risk when lending to innovative companies. The government will work closely with pension funds and the investment industry to understand the scope of industry-led initiatives that capitalize on innovative investment opportunities. Establishment of the 10 Million Innovation Seeds Fund to provide up-front patient capital to high-potential businesses. Reduce complexity for innovative companies by developing an online finance and innovation hub between Innovate UK and British Business Bank within the next 12 months. We provide 50 million packages for innovation infrastructure projects. Initiating consulting on the potential value and options of national capabilities The Cyber-Physical Infrastructure Council has been working through regulation through regulation, including by examining whether the Regulatory Horizons Council has high-level guidance on regulation that can be broadly applied to all sectors of innovation. Consider how best to support innovation. Expanding the reach of Agile Nations Networks that make it easier for businesses to adopt and scale innovation across international markets To ensure that competitive frameworks are effective in the modern, innovative economy, and to discuss reforms to build new pro-competitive regimes for digital markets. Announcing a consultative national AI strategy Adopting responsible AI to support businesses and the public sector Expanding intellectual property education programs for researchers and launching international intellectual property services to empower innovative companies and researchers to collaborate, export and invest abroad with confidence Streamline support to bring innovative new products and services to market by making government procurement proactive and supportive through consulting on the protection of AI-made inventions and creations with minimal manpower input and development of a free-trade innovation field. Establish a commercialization financing framework throughout the UKRI that minimizes bureaucracy and ensures that best ideas, including best practices, can be commercialized. Innovate UK continues to strengthen offering support for commercial feature launches Help To Grow: Digital to help 100,000 small businesses recover from the pandemic by adopting digital technology that saves time and money Innovate in partnership with UK’s Growth Hubs UK Scottish Enterprise, Invest Northern Ireland and Welsh Governments Offer to Expand UK EDGE and Accelerate Growth in UK Most Innovative Companies February 2021 to continue Made Smarter Adoption in North West England and expand support in West 8 million allocations announced in Midlands, North East England, Yorkshire & Humber For the adoption of advanced industrial digital technologies by manufacturing SMEs Innovate UK is adopting and disseminating cutting-edge innovations with the goal of setting up government technology transfer offices to support the public sector. includes. Organizations that identify broader uses for innovation
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