Innovation is most effective when it builds on local strengths.
The Government has announced plans to give regional leaders greater control over innovation funding, with investment designed to support high growth sectors, create jobs and strengthen local economies. The move forms part of a wider effort to give regions more influence over decisions that support economic growth and innovation.
The announcement reflects a growing recognition that innovation is most effective when it builds on local strengths. Every region has its own combination of research excellence, industrial expertise, entrepreneurial talent and growth opportunities. Giving local leaders greater influence over investment decisions creates an opportunity to accelerate innovation in areas where those strengths already exist.
Responding to the announcement, UK Science Park Association (UKSPA) Chief Executive Officer Ruth Hall said: “Giving regional leaders greater influence over innovation funding is a positive step that recognises the importance of place in driving innovation and economic growth.
“Local leaders are often best placed to understand the opportunities within their regions and how investment can deliver the greatest impact. By building on existing strengths, this approach has the potential to support innovation, create high quality jobs and drive long term economic growth, and positive social impact.
“To maximise that impact, investment needs to be supported by the right infrastructure and partnerships. Science parks and innovation locations play a vital role in bringing together businesses, universities, investors and support organisations, creating the conditions that help innovative businesses start, scale and succeed.
“Across the UK, science parks and innovation locations support more than 6,000 businesses, 140,000 jobs and contribute around £14 billion in economic value each year. They provide the specialist facilities, connections and support that help turn research and innovation into commercial success.
“As regional leaders take on greater responsibility for innovation investment, there is an opportunity to strengthen the innovation assets that already exist across the country and accelerate the development of world leading innovation clusters.
“UKSPA looks forward to working with partners across government, industry and academia to help ensure these investments deliver lasting benefits for businesses, communities and the wider economy.”
The announcement comes at a time when innovation is increasingly recognised as a key driver of productivity, competitiveness and regional prosperity.
Science parks, research parks and innovation districts have an important role to play in translating investment into growth by providing the environments where businesses can access specialist facilities, collaborate with partners and commercialise new ideas.
As regions become the focal point for innovation investment, UKSPA has been strengthening regional engagement across the UK. Through the Associations Regional Groups, UKSPA brings together local insight, expertise and partnerships, helping ensure that regional perspectives inform national conversations and policy relating to innovation, growth and economic development.
Alice Cooper-Reeve, Central Region Group Chair at UKSPA and Chief Executive Officer at University of Nottingham Innovation Park, said:
“The devolution of innovation funding is a significant opportunity, but its impact will depend on how well places understand and mobilise their unique strengths. Innovation locations have a critical role, not only as homes for innovation, but as connectors. We should be deeply embedded in our regions to deliver meaningful outcomes for local communities.
“The Regional Groups within the UK Science Park Association are one approach to build these localised connections, develop deeper understanding of our regional offer and collaborate to achieve greater impact than we could deliver alone. By working together, we can broaden our collective reach and ensure the benefit of innovation funding is widely felt.”
By building on regional strengths and supporting the places where innovation can thrive, there is a significant opportunity to create stronger local economies and deliver long term economic and social benefits across the UK.
