Innovation is at the heart of economic success says NESTA

Posted on: November 26, 2009

The UK’s economic success will depend upon its ability to commercialise and profit from research and ideas and to innovate in the service sector and creative.

Innovation was responsible for nearly 2/3 of private sector productivity growth in the UK between 2000-2007

That’s the conclusion of NESTA who earlier today launched its innovation index.

According to the research,UK businesses invested £133bn in innovation in 2007,representing 14 per cent  of private sector output. More than three-quarters of this came from “hidden innovation”, in areas other than research and development.

The index showed that a significant part of  innovative performance came not from the tradition area of R&D but areas such as design,organisational innovation and the development of innovative skills.

There was also a firm link between innovation and growth.

The study surveyed 1500 firms in the UK across nine sectors.

You can download a PDF of the full survey HERE


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