The UK has an outstanding track record of industry innovation. World-class industrial research plays an important role in and is essential for transforming innovative ideas into commercially successful products and services. Innovative economies see greater growth and productivity, while companies that innovate grow twice as fast as those which do not.
The increasing importance of the knowledge-driven economy means that the flow of ideas and skills between the research base, industry, business and the wider community is crucial to future prosperity. The complexity of many existing social and economic challenges makes collaboration essential to research and innovation.