Professor Mary Ryan, Vice-Provost for Research and Enterprise at Imperial College London, participated in a panel discussion on science and innovation at the Labour Party annual conference [de002518]. The discussion focused on the role of science and innovation in supporting economic growth. Other participants included Chi Onwurah, Shadow Minister for Science, Research and Innovation, and Chris Giles, Economics Commentator at the Financial Times [de002518]. The panelists emphasized the importance of regional research and development ecosystems and the need for long-term funding and investment to address global challenges and attract global talent [de002518]. They also discussed the value of UK investment in research and development and the need for a government that understands the contribution of science and innovation [de002518].
Labour should aim to fill the gaps in the government's review of universities and unleash a thriving culture of entrepreneurship within universities. By leveraging the inventions created by their faculty, universities can catalyze economic growth and position the UK as a global innovation powerhouse. Labour should recognize the vital role universities play in leading innovation and empower researchers to take their innovations to market. They should also support academic and business ecosystems and invest in research and development grants that involve partnerships between universities and businesses. By nurturing a culture of innovation within universities, Labour can send a powerful message to the world that Britain is committed to being at the forefront of technological progress. [856e7e3f]
Universities have experienced significant growth in recent decades, with higher education institutions employing around 15 million researchers, up from 4 million in 1980 [ad9c8e9a]. However, this expansion has coincided with a productivity slowdown. The authors of a new paper suggest that universities' rapid growth and stagnant productivity could be related [ad9c8e9a]. In the past, businesses were more responsible for scientific breakthroughs, but the rise of university research led many companies to stop investing in their own research [ad9c8e9a]. The authors argue that the old, big-business model of science was more effective in delivering productivity gains than the new, university-led model [ad9c8e9a]. Companies struggle to use ideas produced by universities due to the loss of corporate labs and the focus of university research on satisfying curiosity rather than finding breakthroughs [ad9c8e9a]. When universities do produce work relevant to the real world, it seems to make it easier for companies to invent new things, but it also leads to a decline in corporate patenting [ad9c8e9a]. The authors suggest that tighter competition policy and increased internal research by businesses could lead to more profitable collaboration between universities and the corporate sector [ad9c8e9a].
Federal Reserve Bank of Philadelphia President and CEO Patrick Harker spoke at the Presidents and Chancellors Summit in Washington, D.C., highlighting the research of the Philadelphia Fed's Anchor Economy Initiative [9397fd22]. Harker urged higher education leaders to embrace their role as anchor institutions and economic engines. The Anchor Economy Initiative compiled data measuring the economic impact of higher education and health-care institutions, revealing that anchor institutions accounted for more than 18 million jobs and provided more than $1.1 trillion in household incomes in 2019 [9397fd22]. The initiative provides a dashboard that breaks down employment, income, and economic activity data for each statistical area across the nation [9397fd22]. Harker emphasized that the dashboard can help institutions measure their impact on their home regions and find future opportunities for economic development planning partnerships [9397fd22].
Public investment in scientific research is crucial for the success of UK business and industry, as well as for a productive economy, a healthy society, and a sustainable world. Research Councils UK (RCUK) believes that strategic delivery of focused research programs, alongside nurturing innovative basic research, is key to fostering economic recovery and placing the UK in a position of leadership in research and innovation [e52b90aa]. Publicly funded research raises the productivity of R&D in the private sector, encourages companies to do more R&D themselves, and leads to inventions that can be commercialized [e52b90aa]. Research institutions also produce highly skilled people, which is essential for sustaining and improving the country's economic performance [e52b90aa]. The UK's research base is highly productive and ranks second only to the United States in terms of overall quality. Maintaining a strong research base is important for attracting inward investment by foreign companies and sustaining the UK's competitiveness in the global market [e52b90aa]. Public investment in research has a significant impact on productivity growth, and a cut in research spending would lead to a fall in GDP [e52b90aa]. The UK cannot rely on "free-riding" on research done elsewhere, as absorptive capacity is crucial for effectively exploiting knowledge spillovers [e52b90aa]. Collaboration between universities and industry is important for innovation, and universities play a vital role in providing a skilled workforce and facilitating interconnections in the country's innovation system [e52b90aa]. The value of research to industry is demonstrated by the collaborations and partnerships between universities and businesses, as well as the positive impact of university research on local economic development [e52b90aa]. Overall, there is a broad consensus on the value of research to the UK economy, and continued public investment in research is essential for long-term economic growth and prosperity [e52b90aa].