Innovation will play a crucial role in the UK’s economic recovery after coronavirus but requires a coordinated strategy from government to allow businesses to grasp the opportunities available, according to a panel of experts.
On the virtual panel as part of Northumbrian’s Innovation Festival, Carolyn Fairbairn, director general of the CBI, stressed there is no shortage of money for investment in innovative technologies and solutions, but said government should lead by creating a framework for business to invest behind.
“There are opportunities over the autumn because we are expecting the comprehensive spending review, a Budget, an energy white paper, the national infrastructure strategy,” Fairbairn said, “All these need to come together to create a framework for business to invest behind.”
She suggested that government needs to establish a roadmap, alongside “a predictable” regulatory environment, which together with innovative businesses would give confidence to investors.
“There needs to be a strategic focus on adoption, it’s the underrated part of the innovation story,” she said. “The UK is not a world leader in adoption, we’re middle of the pack, but we can use this crisis to kickstart digital adoption.”
Fairbairn also called for investment in digital innovation hubs to be spread across the country rather concentrated in the south east. “We need to add to the investment funding across the UK and we are advocating a model called ‘Catapult Quarters’ that is regionally focused to act as digital technology innovation hubs.”
The idea would complement existing and new local partnerships but, Fairbairn said, needs government strategic coordination.
Also, on the panel, Northumbrian’s chief executive Heidi Mottram said that attitudes to innovation have changed due to the pandemic, forcing businesses and individuals to work differently.
She noted that working remotely has altered travel patterns and how colleagues communicate, as well as the amount of water and energy used within homes.
“There are new things to learn and we have to adjust too”, she said, adding that this is where innovation can play a part.
One element to adjust to has been a 10 per cent increase in the baseload of water consumed domestically as well as spikes of up to 30 per cent during the warm weather.
Mottram said demand for gas and electricity will surge if more workers spend time at home in the winter and innovation is needed to keep people warm without overstretching resources.
A theme of the event has been exploring the impacts of working from home on businesses and employees. It has also looked at the role of innovation and technology to build back better.
Participants from more than 30 countries have been taking part in the week-long virtual festival with sprints and data hacks running round the clock between teams in the UK, Australia and the US.
Around 40 different topics covering a spectrum of technological, environmental and other challenges will be explored with opportunities for school, college and university leavers to participate.