What are the 4 pillars of the UK innovation strategy?
Within the UK innovation strategy, it is detailed that since the UK has left the EU, it can now quickly respond to challenges, create high-value new jobs and trading opportunities.
The following pillars have been formed to guide the innovation strategy:
- Pillar 1: Unleashing Business – We will fuel businesses who want to innovate.
Pillar 1 aims to “reduce complexity for innovative companies” to help find ways to extract the best value from innovation by investing heavily into research and development (R&D). The UK sets out to invest £200 million through the British Business Bank’s Life Sciences Investment Programme to fund UK life science companies.
- Pillar 2: People – We will make the UK the most exciting place for innovation talent.
The UK will introduce new immigration routes including the “High Potential Individual” and “Scale-up” routes and set out to revitalise the existing Innovator route to attract and retain high skilled talent.
The High Potential Individual route aims to allow overseas nationals to come to the UK without a job offer and without being sponsored by an organisation if they can prove high potential.
The scale-up visa route is for those talented individuals to come to the UK if they hold a high skilled job offer from a “scale-up” company.
- Pillar 3: Institutions & Places – We will ensure our research, development and innovation institutions serve the needs of businesses and places across the UK.
The UK has said it will allocate £127 million through the Strengh in Places Fund to develop research and development capacity and to support local growth across the UK. It will also invest £25 million to propel economic growth through university-business innovation.
- Pillar 4: Missions & Technologies – We will stimulate innovation to tackle major challenges faced by the UK and the world and drive capability in key technologies.
The UK aims to transform the economy by launching new “Prosperity Partnerships” to form projects to develop technologies.
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