A Royal Academy of Engineering report has found that more support is needed for the final development of new technologies in the UK.
Senior business decision makers from large and small companies took part in the research for the RAEng report, Increasing R&D Investment: Business Perspectives. The report found that there is a lack of support for the development and demonstration of innovative technologies in the UK compared to other countries such as the US and Germany. During late-stage development, companies can demonstrate the potential of their technologies, or test them in real-world situations. More support for the development stage would encourage further investment in R&D, according to the report.
The report describes the advantages of locating R&D in the UK, and identifies areas where improvement could occur, such as having a more joined-up government approach and improved innovation across sectors.
Dame Ann Dowling, president of the Royal Academy of Engineering said: “The UK undoubtedly has many attributes that already attract engineering businesses to locate their high quality early-stage R&D activities here, not least our world class academic research base and its excellent collaboration with industry. Unfortunately, this is undermined by gaps in the R&D and innovation system at a highly risky and expensive time in the development cycle. Plugging these gaps would help innovative engineering businesses, boost productivity, and create better jobs and social outcomes in the UK.”
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