Innovation
Realising the value of innovation by bringing ideas to market
If the East of England is to thrive in the global economy, then it will increasingly be on the basis of ideas and knowledge and not on cost. Innovation - the ways ideas become products, processes and new business models - is changing. Open innovation is increasingly prevalent in a number of forms - specialist research and development (R&D) companies and universities working with local and global businesses; consumer-driven development of products, services and digital content; innovation at the intersections of disciplines and sectors; and the next generation of web-based communities, social networking and other new channels for people to shape their own lives and experiences.
The East of England has the opportunity to be at the forefront of this new era and, as part of Greater South East, to be one of the ten to 15 global innovation poles that will emerge in the period to 2031. The East of England is already an EU-leading region for research and development activity, crucial for innovation. Private-sector R&D accounts for a higher proportion of economic output than in any other UK region. In addition, the region hosts world-class research institutes, university departments and the University of Cambridge, a global top-five research university.
However, our strength in R&D is not matched by a record of commercialising or adopting technologies and processes. UK and international comparisons show that the East of England’s firms are less likely to introduce a new or significantly improved product, service or process, and less likely to allocate funds to training or make capital investments to support innovation. Crucially, it is the use of technology not the generation of technology that has the biggest impact on growth, and this presents important opportunities for all sub-regions and sectors.
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