The strategy centres on supporting business R&D in areas in which the UK excels, within the context of developing the wider UK innovation eco-system including universities and other organisations. The Economics paper provides supporting evidence for this policy.
The Government is putting innovation and research at the heart of its growth agenda through greater investment and increased collaboration ensuring that the UK has a promising future. This is our Innovation and Research Strategy for Growth (PDF, 1.1 Mb) .
Underpinning the BIS Innovation Strategy is an economic analysis that sets out the conceptual and empirical thinking behind the Strategy. It rests on three bodies of work and evidence: recent results from innovation economics, recent policy-related studies, and new innovation data.
Both theory and evidence show that innovation is the central source of economic growth. But innovation is changing its scope and forms: across borders, across institutions, and in terms of its methods and processes. It is necessary to look at innovation as a system, in which different actors (universities, infrastructures, companies, and the public sector) collaborate directly and indirectly.
Four primary policy challenges are identified: the need to facilitate knowledge flows, the need to maintain a high-grade knowledge infrastructure, the need to support business investment in conditions of uncertainty, and the need to build an innovating public sector.