New parliamentary scrutiny of the UK’s innovation landscape has reinforced longstanding concerns about how investment in innovation is distributed across the country, with Pioneer Group, a specialist in technology infrastructure and venture building, urging swift action to address persistent barriers to research commercialisation.
The Science, Innovation and Technology Committee’s report emphasises that the UK is “flying blind” when it comes to public and private R&D spending, with major R&D funders unable to properly measure and map levels of investment, their outputs, and regional impacts. It argues that without a clearer strategic framework, efforts to boost innovation risk remaining concentrated in a small number of established clusters.
The findings add fresh momentum to conclusions from Pioneer’s own research into investment disparities across the UK life sciences sector. Published last year, phase one of its research report, commissioned in partnership with The Crown Estate, authored by Henham Strategy and titled: ‘Bridging the Capital Gap for UK Research Commercialisation,’ found that the research carried out at British Universities offers huge economic potential that is not being realised due to capital constraints, with strong regional disparities at play.
It highlights the opportunity to invest a further £15bn in UK university spinouts across the UK over the next 10 years that could leverage £27bn of co-investment, leading to the creation of over 1700 additional spinouts and 56,000 skilled jobs, and boost UK science on the global stage.
Taken together, both reports underline a consistent picture that the UK faces a systemic commercialisation challenge. The House of Lords, UKRI and government all identify the same core weaknesses: insufficient venture support for founders, an acute shortage of fit-for-purpose specialist space, and a widening skills gap across technical, analytical and commercial leadership roles.
Commenting on phase one of the research, Toby Reid, Executive Director at Pioneer Group, said: “The world is entering a new kind of race – not for territory or trade – but for next generation technologies. Governments everywhere are waking up to the importance of these technologies to both national security and prosperity as well as the dramatic impact that artificial intelligence will have on scientific discovery and development.
“British universities are often leading the way in new discoveries, but their position is not guaranteed as well-funded corporates and challenger nations enter the race. In today’s commercial world, universities must convert their innovation into real world impact to remain relevant.
“Together, this is creating a once-in-a-generation ‘must seize’ opportunity for the life sciences and innovation economy in the UK.”
Phase two of Pioneer and The Crown Estate’s research, due to be published later this month, will shift the conversation from capital to the broader commercialisation infrastructure that must accompany it. The report focuses on three interdependent enablers – venture building, real estate and critical equipment, and talent and skills – that determine whether early-stage technologies successfully progress to market.
Toby adds: “The message across the evidence base is unambiguous. The UK has collectively diagnosed the problem; now is the moment for government, industry and academia to design the solution together and create an operational blueprint to capitalise on UK science.”
For more information, visit www.thepioneergroup.com
Article provided by Pioneer Group. Contact email: [email protected]
