Businesses operating in the UK’s high tech industries must become more innovative or risk losing out to foreign rivals as international competition intensifies.
This was the principal finding of the latest research by the National Endowment for Science, Technology and the Arts (NESTA).
The report found that some companies are unprepared for the ways in which international competitors are becoming more innovative.
While the UK remains a leader in some high technology areas, the report argues that companies are in danger of relying on existing technologies and business models.
Nesta’s chief executive Jonathon Kestenbaum commented: “To retain the UK’s competitive edge we have to stop being linear in our approach and start integrating different forms of technologies and business models into ‘total innovation.’”
“Some established firms are already doing this but others must follow their lead if we are to protect our market position in these important industries.”
Phil Willis MP, Chair of the Innovation, Universities, Science and Skills Select Committee said that innovation needs to be ‘embedded’ in the culture of UK firms. “This report is part of a journey towards a metamorphosis of actually changing things within business, government and education,” he commented.
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