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Research & Innovation Growth & Diffusion
This document discusses UK Research and Innovation's role in accelerating UK economic growth through funding business-led innovation. It focuses on four areas: research and innovation, delivering better outcomes through challenge-led funding; deploying patient capital to give private sector confidence; funding that reaches all UK regions; and empowering people in innovation, including women. The overarching goal is to support frontier businesses to stimulate productivity while also facilitating wider diffusion of innovation in the UK economy.
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Research & Innovation Growth & Diffusion
- 1. Research & Innovation Growth& Diffusion Kevin Baughan Deputy Chief Executive
- 2. UK Research &Innovation
- 3. Sir Mark Walport: “Thesuccess of UK Research and Innovation will ultimately be measured through the impact it delivers: through pushing the frontiers of human knowledge, delivering economic impact and creating better jobs and by supporting society to become stronger, healthier and more resilient.” KNOWLEDGE ECONOMY SOCIETY
- 4. Accelerating UK economicgrowth through funding and connecting business-led innovation Innovation: Delivering Better Outcomes KNOWLEDGE ECONOMY SOCIETY
- 5. Thriving in ConstantChange The Research Base Harness Natural Phenomena Increasing the Available Building Blocks Existing Technologies Provide Building Blocks Enable New Technology Combinations Technology Fuels Itself Thriving in Constant Change • From optimising to new combinations • From rationalising to sense making • From commodities to skills • From components to alliances Brian Arthur
- 6. Source: Innovate UKoperational data ≈ 60% of our core grant funding goes to SMEs ≈ 80% of collaborative projects involve at least 1 research base partner We work with over 140 individual research base organisations (including institutes and RTOs) 2,900 organisations / year 2,400 projects / year Who does Innovate UK fund?
- 7. Our Productivity Challenge USA France Germany G7average Industrial Strategy Commission Laying the Foundations July 2017 G7 labour productivity versus the G7 average UK Japan Canada Italy UK Productivity isn’t everything, but in the long run it is almost everything …. Paul Krugman
- 8. Our R&D Challenge TheWorld Bank R&D expenditure as a % of GDP UK 1.7% of GDP (1.72% in 2000) Region 1.9% Leaders 2.5% The UK’s R&D is concentrated: • in auto, aero & pharma • in the large multi-nationals
- 9. Assessing our Performance- ERC Assessing the business performance effects of engagement with publicly funded science, ERC Research Paper 61, August 2017 Firms supported by Innovate UK experience a better economic growth than their untreated counterparts: • +21% in employment • +23% in turnover in the medium term. Those supported by EPSRC achieved even higher growth • +27% in employment • +30% in turnover in the medium term Innovate UK EPSRC
- 10. Assessing our Performance- Overall
- 11. Innovation and theFrontier Economy Frontier Productivity Laggard Productivity 84% of the UK Economy
- 12. Diffusion and therest of the Economy 84% of the UK Economy Early majority: Wants to know it’s a sound investment Wants to understand the cash flow Otherwise they will stay as they are New forms of intervention: Providing knowledge & expertise Generating robust business cases Well suited to loan investments
- 13. Accelerating UK economicgrowth through funding and connecting business-led innovation Innovation: Delivering Better Outcomes KNOWLEDGE ECONOMY SOCIETY Business People Place Infrastructure
- 14. Loans: Piloting of the new Innovation Loans Equity: Investor Partnerships and PatientCapital Challenge led: The Industrial Strategy Challenge Fund Businesses – Incentivising Innovation Responsive: A regular rhythm of Open/Sector competitions The goal of our funding is to give the private sector the confidence to invest in the markets of the future.
- 15. Medicines manufacturing technologies Batteriesfor clean and flexible energy storage Robots for a safer world Self-driving vehicles Manufacturing and materials of the future Satellites and space technology Industry-led and powered by multi-disciplinary research and business academic collaboration Through ISCF
- 16. Through Deployment ofPatient Capital Giving the private sector confidence to invest. New Investment Accelerator Pilot: Innovate UK grant funding plus VC equity funding Innovate UK skills in early stage tech Alongside VC skills in assessing the management team and business plan. Financing Growth in Innovative Firms, Aug 2017
- 17.
- 18. “We have hadsome great input from the Catapult’s technical experts that helped us solve some key blockers early on in our business development.” Mish Gopaul, Co-founder, Fatmap Infrastructure – Our Catapult Network
- 19. People – Womenin Innovation
- 20. We can’t stop thinkingabout the future Empowering innovative UK businesses today to lead the global growth industries of tomorrow.