New research published by NESTA (National Endowment for Science, Technology & the Arts) today shows that connecting with new markets and exploiting international opportunities will be the key ingredients for UK regions to remain competitive in recessionary times.
The NESTA analysis maps the UK's innovation strengths region by region. It demonstrates that regions most likely to thrive are those with strong international networks to other innovative nations and the ability to share that knowledge across the region.
Jonathan Kestenbaum, Chief Executive of NESTA, said, "This research is important because it demonstrates that no region, with the possible exception of London, will be able to withstand the economic crisis in isolation. The ingredients for survival in a downturn hinges on the ability to connect with markets that focus on new science, technology and innovation within and beyond the UK.”
"Traditionally, the keys to successful innovation were considered to be the ability to create knowledge and exploit it. However, the dynamics are changing. Those who can access knowledge, bring it home and share it around are more likely to build a healthier economy."
Kestenbaum stressed that to avoid a stagnating economy, the UK must:
Ø Ensure UK cities, regions, and nations have access relevant national and international sources of new knowledge, ideas and innovation.
Ø Draw on knowledge of local firms and universities that are currently the leaders in a specialised field and exploiting that across the region.
Ø Make greater investment in organisations and firms that have the capacity to spread knowledge in the local economy which will ignite increased innovation.
Ø Cease the creation of one-size-fits-all regional development strategies and instead focus on the regional strengths and weaknesses to develop cross-regional innovation plans.
Further information: “Innovation By Adoption” Report