PEARSON OPENS THE INNOVATION CONVERSATION

Businesses must be in the driving seat when it comes to innovation, said Science and Innovation Minister Ian Pearson today. Speaking at the FT Innovate Conference, Mr Pearson reaffirmed his commitment to publishing a Science and Innovation Strategy next spring and signalled a new inclusive approach to developing this important strategy.

Mr Pearson said:

Innovation will be one of the key drivers of the UK's economic prosperity in years and decades to come. Without it our industries will not be able to compete with the growing economic powers of East Asia.

We have one of the best innovation ecosystems of any country in the world. But nothing stands still. We will implement the recommendations in the Sainsbury Review and take the debate beyond it.

Government needs to adopt the Open Innovation business model used by companies in the way it makes policy. I am very keen to hear from key partners, businesses, economists, academics and anyone who can inform our thinking and enhance our policy making. We will use every channel at our disposal to have a conversation with everyone with an interest in innovation.

Pearson also described how the Government is already collaborating with business to create the right conditions for innovation to flourish. Including:

• more than £1.8billion in tax credit to companies which invest in R'D;
• record investment on science research - £3.4billion this year;
• a £1billion package to support the business-led Technology Strategy Board over the next three years; and
• a programme of work across government to ensure public spending that drives forward innovation.

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Notes to Editors