Innovation benefits the population as a whole, not just by the individual accumulation of physical wealth, but in the advancement of technologies that increase our standards of living, such as, for example, the development of novel medical products. Universities play a key role in the innovation process, often developing new technologies without having the ability to take them to the market place. Despite the UKs excellent record in science and technology (producing 8% of all scientific publications) we are relatively poor at exploiting work from the science, engineering and technology base as demonstrated by the low number of patents published per head of population, and the amount spent on business R&D as a percentage of the GDP.
This response to the publication of the Lambert Review of Business-University collaboration (December 2003) and the DTI Innovation Report: Competing in the global economy: the innovation challenge (December 2003), covers amongst other things; funding of university research, including third stream and a potential new stream of business relevant funding; The response to regional issues, and the effect of regional development agencies on the market driven technology transfer process; The role of academics in the business environment; governance and management issues within universities; R&D tax credits; the encouragement of women entrepreneurs, the role of design in innovation; and the shortfall of intermediate skills and their impact in the innovation sector.