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Richmond upon Thames Liberal Democrats:Covering the constituencies of Twickenham and Richmond Park |
Vince Cable’s speech to Innovate 2011, Design Centre, Islington
October 14, 2011 11:08 AM
• [Oct 11] Vince Cable: IT'S encouraging to see Great British innovation on display and the focus of serious discussion. This event provides a clear demonstration of the talent and the creativity we have in this country.
Economists disagree on many things. But there is clear consensus that, in mature economies, all long-term economic growth processes depend on innovation: that is, applying new technologies in an economically productive way. There is science. There is invention. Combining and applying them is what innovation is about.
There are obvious examples - in pharmaceuticals with GSK, in aviation with Rolls Royce, or in offshore engineering - where British-based firms in the oil and gas industry lead the way in innovation. Yet innovation also involves the ongoing development of products and processes in what might be seen as humdrum industries. My favourite example is Brompton Bikes in Brentford - a world-beating bicycle maker which stays ahead of its low-cost competitors through creative innovation.
I encountered another last Friday - a fast-growing firm, Tech 21, that's based on Eel Pie Island in my Twickenham constituency. It has patented a series of products based on a new material with the texture of Plasticine but the power to withstand shocks; it is now used for the casing of handheld computers . .
But there's more to innovation - Government actions consistent with economic growth more broadly. A coherent approach must also involve macroeconomic stability and open, competitive markets. It must provide optimal conditions for R&D conducted predominantly by the private sector - by improving regulatory frameworks and making best use of the state's purchasing power. Which is why the Government is preparing an innovation and research strategy.
We're asking a number of questions. How can the public sector become a more significant driver of innovation? How we can improve the mobility of smart people between business and the research base? What challenges - and indeed opportunities for international collaboration - arise from the rise of the BRIC countries and others?
The expertise of many people in this room will inform the final document, but you already do much more than that. As we build on existing technical strengths which are not being fully realised and help to develop others; as we get more inventions out of the lab and on to the shelves, the products and ideas generated by exhibitors here are some of the best ammunition we have to convince people of Britain's genuine potential.
So I thank you for your efforts to date, and I reaffirm the Government's commitment to making your innovation and entrepreneurialism the basis of this country's long-term success.
• Vince Cable's speech to Innovate 2011, Design Centre, Islington [Press Office]
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