Inquiry into “Setting science and technology research funding priorities: comments from the Royal Academy of Engineering, the Institution of Chemical Engineers, the Institution of Civil Engineers, the IET, the Institution of Mechanical Engineers, Engineering Council UK, and the ETB to the House of Lords Science and Technology Committee.
There will always be serendipitous economic benefit from some blue sky research conducted primarily for the purpose of the pursuit of knowledge. Furthermore, it is important to ensure that curiosity-driven research remains healthy and attractive to new entrants. However, there is a need for much closer alignment of research with clear objectives and better processes for creating products and services from ideas. There is a continuing funding gap from the point where research ideas move out of universities through to their becoming commercially-ready technologies that industry sees as sufficiently developed to take on. The bridge between applied research and commercially exploitable products and services remains weak. One of the biggest obstacles to getting innovation moving ‘up the chain’ is the way the stock exchange and investment community behave with small and medium sized technology companies in the UK.
Submission Details Submitted on 02 October 2009 to House of Lords Science and Technology Committee