Meeting the Innovation Challenge
Edited by John Bessant and Tim Venables
Roula Michaelides and Dennis Kehoe 1. INTRODUCTION The advent of a knowledge economy has been a driver for change in organizations, where individuals persistently utilize and draw on a wealth of knowledge to devise new ideas, solutions and products for a rapidly changing global marketplace. Innovation and product development cycles have seen a dramatic acceleration in response to customer demand. Science and innovation are at the heart of business transformation, since technology itself is viewed as a vehicle for enabling globalization and fostering the ability to innovate. New ideas oﬀer new direction: they boost commerce, create new products and markets while improving eﬃciency by delivering beneﬁts to companies, customers and society. The UK government’s response to the global economy challenges is to create the best possible environment for science and innovation in the UK that would facilitate a seamless connection between a world-class science base and businesses. This would be achieved through the provision of supporting measures to grow new knowledge-based ﬁrms and take advantage of commercial opportunities arising from research (Science and Innovation framework 2006), According to the Science and Innovation framework (2006), in order to create an eﬀective ecosystem for innovation the UK government has put forward three action areas: 1. Improvement of the strategic management of investment in science and innovation, to ensure that the UK’s science and innovation system is more responsive to economic and public policy priorities. This also includes the more eﬀective coordination of diﬀerent funding mechanisms. Enabling...
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