More businesses in the regions need to be made aware of the support that is available to those that want to invest in research and development, a new survey has claimed.
The survey, carried out by the British Chambers of Commerce (BCC), found that too few businesses are making use of innovation funding that England’s nine Regional Development Agencies (RDAs) have to offer.
According to the survey, some 74 per cent of firms that responded said that they already invest in research and development, but only a third knew about the regional support open to them.
RDAs have a £2.2 billion budget to spend on a small number of priorities including ‘encouraging innovation’ and ‘supporting enterprise’.
The BCC report concluded that innovation policy remains too narrowly focused on science and academia, and that some RDA activity is being duplicated by the private sector, creating unnecessary waste and inefficiency.
The report proposed a number of solutions to the problem. These included removing the barriers that restrict a broader, more entrepreneurial approach to regional innovation policy, and making sure that RDAs minimise overlaps with the private sector and develop a better understanding of what local businesses want and need.
David Frost, the director general of the BCC, said: “Maintaining a culture of innovation amongst UK businesses is essential to the future prosperity of our national and regional economies. RDAs have significant budgets and it is important that in facilitating innovation, they join-up support with what is really happening in the private sector in their regions.”
Mr Frost added: “There is a great deal of work to be done here if the goal of embedding a nationwide culture of innovation can be met.”
Date:30 April 2008
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