There have been numerous recent surveys, reports and editorials on the challenges facing new (bio)technologies for a more sustainable economy: some focusing on training and education to address the shortage of skilled and qualified people, others on facilities and funding for scale-up and implementation.
But the prize for one of the broadest yet most excoriating must go to the UK House of Lords Science & Technology Committee report, entitled Bleeding to death: the science and technology growth emergency. The report notes that “Laissez-faire attitudes towards science and technology companies are not an option in the rapidly changing geopolitical and technological landscape. Resolving this complex and long-standing problem will require urgent, sustained action across the whole of Government…”. Key recommendations include:
- Leadership: Provide clear, top-level leadership through a new National Council for Science, Technology and Growth chaired by the PM, to break the UK’s “failure to scale” doom loop
- Pensions and institutional investors: Scaling-up companies struggle for finance; institutional investors like pension funds should be providing this, but they aren’t. This creates a vicious cycle where promising companies must go overseas for funds. The report urges the government to go further & faster on consolidating pension funds; channelling more of their capital to UK science & technology.
- Procurement: Public procurement could support innovation and companies remaining in the UK, anchored by contracts. But it’s just not set up for innovative SMEs. The Government should use procurement as an innovation lever with departmental targets for spend with innovative UK SMEs, rising to 3%. This will develop the ability of procuring authorities to specify the solution, rather than the product, and support innovation.
- Public sector investors: Consolidate and expand the British Business Bank and National Wealth Fund; fix the leaky pipeline of scale-up financing between them and Innovate UK, which should be providing due diligence that crowds-in investment into technology companies.
- Skills talent, and universities: Stabilise university finances now. Cut the absurd upfront visa costs for overseas scientists; provide skills training aligned with Industrial Strategy needs and acknowledging the rise of AI, and entrepreneurial skills as part of PhD/undergraduate training.
EBNet’s members come from industry, academia and government – and there is something for every sector here. Great news that these issues are being recognised at the highest levels: let’s hope this can now be turned into real momentum.