The House of Lords Science and Technology Committee is launching an inquiry into Financing and Scaling UK Science and Technology: Innovation, Investment, Industry.
The Government acknowledges that the UK “can struggle to translate” its strengths in research, development, and innovation into UK-based companies, and economic growth. The backdrop for this inquiry is fifteen years of meagre growth, despite significant R&D investment, and a wider sense that the UK often fails to capitalise on its excellent science and technology base. Government strategies, such as the Science and Technology Framework and the forthcoming Industrial Strategy, have attempted to provide solutions, and a range of policy initiatives have been proposed.
They want to understand why this is happening and how we can fix it, including whether there are international models for science, technology and innovation policy that the UK can learn from. They are interested in a broad range of issues that span the research, development and commercialisation process. In essesnce, does the UK have an appropriate science and technology strategy for this rapidly changing world, and is there appropriate coordination across government to implement it?
They would like to explore strategic questions around the UK’s science and technology priorities; and the role of public sector investment, private sector investment, and governmental policy levers to help scale-up companies and translate basic research into applications that benefit the UK’s public services, society, and economy.
The Committee will explore:
- The challenges of scaling UK science and technology; international comparisons, and how the Government makes decisions around S&T to maximise benefit to the UK
- Strategic priorities for UK science and technology in a changing world; cross-government coordination on delivering this strategy
- The structure of the UK research and innovation landscape and its ability to bridge the ‘Valley of Death’
- Private sector investors and the UK’s capital markets
- The role of public sector late-stage investors like the National Wealth Fund
- The Government’s policy levers (such as procurement) to help companies scale-up
The deadline for this consultation is 9th May. The EPC is currently consulting with the RIKT committee to focus the scope of our response.
