1 - Software Manifesto - Encouraging R&D
As we run up to the general election in May I am delighted to launch FAST ten point Software Manifesto that focuses on three key areas: enforcement, deterrence and accountability. Over the next two weeks we will publish one point per day and welcome feedback and discussion
- Encouraging R&D
FAST recognises the vitally important work of organisations such as Innovate UK (the operating name of the Technology Strategy Board), which encourages collaborative R&D between businesses and academia. Innovate currently claims that for every £1 invested in collaborative R&D some £7 in Gross Value Added is returned.
Over the past year expenditure on R&D amongst the UK’s mid-sized businesses has increased at 2.7%, over the 2.4% invested by larger and smaller companies.
Innovation lies at the heart of technology leadership and the UK has for generations been looked at as a leader in new tech, processes and ways of working. But to maintain this, the UK needs to continue to proactively offer the business community support and encouragement to invest in R&D.
More importantly UK tech companies are struggling to raise second round funding ($50m-$200m) from within the UK. The result often means that control shifts to the US market and the IP follows. So FAST is calling on the Government to provide incentives not just for R&D but also for investors in tech companies here in the UK so that the companies in turn can expand and grow into overseas markets.