Ayming, Europe’s leading innovation funding consultancy, has released its first Manifesto for Innovation, aiming to prompt the UK’s new Labour Government to overhaul its approach to UK innovation.
The manifesto arrives amid concerns over the UK’s economic stagnation and declining productivity, despite efforts to position itself as a global ‘science superpower’.
Mark Smith, Managing Director of Ayming UK, explained: “Last week’s election offers the UK an overdue opportunity to reassess its approach to innovation.
“For more than a decade, aspirations of making the UK the ‘next Silicon Valley’ or an international ‘science superpower’ have not been achieved due to a lack of understanding by ministers, who have pushed policy through without the necessary data on actual R&D intensity or comprehension of the impact on smaller businesses.
“What British businesses need now is a long-term strategy for growth that encompasses every phase of the innovation cycle. It is essential that the Government views each of these components as integral stages within one singular innovation process in order to see the shift required to reboot the UK’s growth.
Current challenges in UK innovation
Despite a history of groundbreaking innovations, the UK struggles to attract the levels of investment seen in other leading markets, undermining confidence in its R&D capabilities.
The recent election has provided a timely opportunity for the UK to reassess its innovation strategy for long-term sustainability.
Ayming’s recommendations
Ayming identifies three critical stages in the innovation process: nurturing innovation, incentivising innovation, and rewarding innovation. Key recommendations for improving the UK innovation ecosystem include:
- Long-term Strategy
The manifesto emphasises the need for a revised national strategy that includes experimental elements to adapt to technological and market changes.
- Skills Development
Proposals include expanding visa programmes for skilled researchers and addressing STEM education and vocational training gaps.
- Industrial Strategy & Sustainability
Ayming calls for a revitalised industrial strategy that matches international investment levels in green industries to spur growth and productivity.
- Carbon Markets Integration
Aligning UK and EU carbon markets is crucial to unlock investment in green technologies and facilitate pension fund contributions.
- Priority Sectors
The manifesto highlights high-value manufacturing, cleantech, and health & wellbeing as sectors deserving of focused support.
- Reinforcing R&D Tax Relief
Continued support for R&D tax relief is crucial to incentivise ongoing investment and collaboration.
Call to action
Ayming urges the new Prime Minister to swiftly adopt these recommendations to foster a thriving innovation ecosystem that enhances economic prosperity and global competitiveness.
Addressing these challenges head-on could position the UK as a leader in global innovation and economic growth.
