The Work Foundation say the UK needs an 'innovation eco-system' to rebalance the economy

This morning I attended an early breakfast meeting hosted by the Work Foundation in London.  The meeting launched the latest Work Foundation Statement [of work], presenting the argument that by 2020 the UK needs to have developed a more innovative, creative and entrepreneurial economy.  An economy that moved away and re-balanced from, what their report refers to as, the previous ‘credit-boom fuelled economy’ powered by financial services, property and construction.  Both Will Hutton and Ian Brinkly, the research lead, hosted the event unveiling their view that the UK needs to develop an ‘innovation eco-system’.

Given we are in uncertain times, and weeks from an election, the Work Foundation are doing exactly what they are designed to do and that is presenting some well researched and formulated guidelines (policy levers) for our economy so that the next Government (whichever party, or combination of parties) can take hold of and move forward.  UK businesses can follow and that we, the workforce, can hopefully align to - to help map out our own innovative, creative and entrepreneurial work journey over the next ten years.

One of the key points made this morning, was the ‘need’ for our institutions to unlock access to private long term capital.  Will Hutton stating the somewhat alarming statistic that only £100 billion of bank balance sheet debt, is invested in businesses, the large majority being retail mortgage debt thus suggesting that UK businesses and therefore UK innovation is starved of funds in the current system.  A hunger that hopefully the new ‘innovation eco-system’ would address – getting investment into the hands of those that are innovate, creative and entrepreneurial.

The report is due out tomorrow and will be published on their website www.theworkfoundation.com. To wrap up, Ian Brinkly posed the question of what was missing from their planned research through to April 2011?  My own view is that on top of the suggested low carbon economy, creative and cultural section in the innovation eco-system, high tech manufacturing and services (what the Work Foundation refer to as Manu-Services) and other report topics, I would hope that Work Foundation take a strong look at the social networks and how they can be leveraged, to amongst other things, signal change in fast moving markets and stimulate and tap into innovation both inside and outside an organisation's firewall.  I hope the resulting ‘innovation eco-system’ has at its core an ability to harness the value of networks and self-organising systems to help keep UK business at the forefront of innovation, creativity and entrepreneurship not just in 2020 but ongoing.