By Dr Kelly Davidge, Research and Development Manager at Kirkstall Ltd
In the Government’s recently published Green Paper on building the UK’s industrial strategy, they recognise the importance of investment in science, research and innovation and have committed to a number of strategies to boost the UK innovation economy. Although the UK has three of the top 10 and 12 of the top 100 world universities, we lag behind other countries when it comes to investment in innovation through research and development (R&D):
- 1.7% of UK GDP- gross domestic product- is invested in R&D funding, compared with the OECD (Organisation for Economic Co-operation and Development) average of 2.4%;
- business investment in R&D is 1% in the UK, but 2% in Germany, 2.5% in Japan and over 3% in South Korea;
- the UK produces a similar number of spin-off companies to the US but registers fewer patents;
- none of our universities feature in the top 10 of Reuters Top 100: The World’s Most Innovative Universities – 2016, a list that ranks the educational institutions doing the most to advance science, invent new technologies and drive the global economy.