That was the discussion of the day at The Foundation for Science and Technology's event at The Royal Society on Monday. Here are our key thoughts from the event….

Speakers included those involved in writing the 2017 Industrial Strategy and the current innovation ecosystem poised ready to deliver the 2025 update. Chaired by The Rt Hon the Lord Willetts FRS, Chair, Foundation for Science and Technology.

They included:

•Julia Sutcliffe, Chief Scientific Advisor to the Department for Science, Innovation and Technology,
•Professor Mariana Mazzucato, Professor in the Economics of Innovation and Public Value at UCL,
•Dr Peter Waggett, Programme Director of the IBM UK Research Team at The Hartree Centre, and
•Greg Clark, Chairman, Warwick Innovation District, and former Secretary of State for Business, Energy & Industrial Strategy.

They all echoed the message that FIVe firmly believes: science and technology, research and innovation, when deployed correctly, is an underpinning foundation to deliver our Industrial Strategy.

The following five things resonated with us the most:

•(1) We need the right innovation ecosystem and infrastructure to allow innovation to flourish and products to reach the market. This includes places where innovators, start-ups, scale ups, industry and finance players can all come together uniting on a single mission with a focus on adoption. Diffusion and adoption must be a critical focus as well as extending the frontier of knowledge and discovery.

•(2) A number of government levers such as regulation and procurement have been under recognised in their role in innovation. The new Regulatory Innovation Office will be a key enabler in accelerated demonstration and adoption at scale. Challenge-led public procurement can provide markets for new materials, technologies and processes. A number of demand-side measures will unlock market potential for a number of technologies and innovation already on the cusp of commercialisation.

•(3) We need to see more public purpose within our government's agenda, and transform outdated sector definitions and verticals into missions and challenges to stimulate innovation. We need dynamic public-private partnerships to create truly symbiotic and mutualistic ecosystems where innovation thrives. This mission-led government and its Industrial Strategy must be integrative and unifying, enabling cross-functional programmes, and make best use of budgets.

•(4) Big bold commitments have been made under the new government, but delivery at pace is necessary to secure support. This can only be achieved through partnerships with businesses, Universities, RTOs, combined authorities and the financial sector as this is a complex systems problem that requires alignment. Consortia such as Foundation Industries Sustainability Consortium (FISC) have a thriving network and are well placed to mobilise transformation at pace and are actively working with a number of government departments to support the delivery of an Industrial Strategy. We also have a UK-wide focus, and our world-leading research and technology centres cover industrial cities across the North, with regional inclusivity for innovation a key focus.

•(5) None of this functions if it's patchy. We need consistent direction and underlying support to meet our 2050 goals.

We went away enthused and excited for the new year, excited to see the outcomes from the consultation which both FIVe and FISC have been a part of, and to continue the unification of the innovation ecosystem for sustainable materials. Listening to Mariana's fantastic book "Mission Economy" on the journey home left me wondering how we can translate moonshot urgency and creativity around the net zero agenda.

Published: 05-12-2024