The
UK is officially in another recession with the dreaded ‘double-dip’ and with
the economy bumping along the bottom, inevitably there is pessimism in the air.
However,
at times like this, it is important to take a step back and focus on the areas
in which we excel. For the UK it is innovation and in particular innovation
around high-tech. The UK thrives on its culture of innovation and on the
practical creativity of its graduates and engineers.
So,
looking at where the UK is particularly adept at innovation, points us to markets
of opportunity for growth. Global opportunities which demand high skills and
technical capabilities are present within the UK’s current economy.
This
is Part 1 in a series of 4 outlining those markets of opportunity.
Part 1
Over
the last decade, UK private sector productivity growth has been hugely
dependent on innovation. The competitive advantage of UK plc depends on
effectively managing and commercialising the knowledge we have. It is also
vital that the UK plays into global opportunities.
Six
sectors stand out as the markets of opportunities through 2012 and further
ahead:
1. Aerospace
Defence
2. Transport
3. Energy
4. ICT
- Information & Communications Technologies
5. High
Value Manufacturing
All
underpinned by the UK’s ability to bring innovation to market through
6. Development
- Continuously improving our capability
What
is needed now is the faster acceleration from innovative concept through
commercialisation. In other words, better time-to-market.
UK
businesses already invest heavily in innovation but with the economy struggling
there are worries about return on investment from new technologies in small and
early stage companies. Some are struggling to find finance or partners. Also, innovative
projects can upset supply chains, delaying businesses reacting to
opportunities.
However,
areas of growth are available to be exploited in markets and micromarkets in
the UK. This is demonstrated by the UK Government setting up a new network of
technology and innovation centres to help to harness the country’s technical
strengths and make the UK a global leader in some of the key areas of future
growth, benefitting the economy and everyone working in those fields.
For
this country to reach its innovation potential the UK must
excel as a global leader in economic growth based on innovation.
Parts 2 to 4 will
look in more detail at each of these markets of opportunity. Meanwhile, get
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