Amidst considerations that R&D may be lower, we’re urging the Authorities that R&D funding have to be protected to assist drive an innovation-led restoration and financial system.
We have to see a recommitment to the 2021 Conservative authorities spending overview pledge to extend funding for R&D by £5bn to £20bn a yr by 2024-5.
A report from the IPPR final week suggests the UK lags £62 billion behind in R&D, with funding falling by a fifth since 2014 and with the UK now inserting simply eleventh within the OECD when it comes to whole R&D funding as a proportion of GDP, properly behind nations like Austria, Switzerland and the USA.
We’re getting into an period the place we’ve quite a lot of rising applied sciences approaching tipping factors as prices drop, unleashing demand throughout sectors and spawning extra innovation.
UK deep tech funding has elevated 33x since 2011, topping $8.5bn in 2021 the place megarounds of over $250mn contributed closely to the entire. There was speedy progress in investor urge for food for deep tech, however progress stays nascent in comparison with alternative. It’s crucial we match the rhetoric ambition of creating the UK a ‘ahead dealing with, science superpower’ with the R&D dedication wanted to attain this.
Deep Expertise scaleups push the boundaries of analysis & science. A symptom of their nature is that they take longer to commercialise, and with this in thoughts we should present extra help to assist them proceed disrupting markets.
COP27 focuses the thoughts; new know-how improvement is vital for fixing acute international challenges akin to carbon discount and local weather change, and deep tech shall be an ever extra important element of the tech ecosystem.