The Next Wave of Innovation: Five areas that could pull the UK clear of recession
10 September 2011
Innovation can come from anywhere, but it tends to be concentrated in a few parts of the economy. In the past, the majority of economic growth and new jobs have been created in a few innovative parts of the economy, and these areas are typically driven by rapid progress in technology, business models and consumer demand. Each of these growth branches of the economy has its own innovation system, with different players and institutions. If we are to develop a truly effective national innovation system in the UK, and take advantage of the UK’s biggest economic opportunities, we must identify and put in place the conditions needed to make each of these innovation systems work.
This report looks at what makes a certain part of the economy highly innovative, and identifies five potential areas in which the UK can excel in future: healthcare; the low resource economy; the digital economy; the experience economy; and business services. Each of these areas has the potential to create jobs in the UK, but it is essential that we begin building systems that can make the UK a global hub in each of these areas.
Innovation tends to be concentrated in a select few areas of the economy, but it is not always easy to predict what these will be in the future. This report explores what makes a sector highly innovative, which parts of the UK economy could be highly innovative, and how innovation policy can ensure that the UK becomes a global hub for these activities.
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