New Public Services Procurement Model: Key to SME Growth

NESTA (National Endowment for Science, Technology and the Arts) is calling for the UK’s Small Business Research Initiative (SBRI) to be scaled up to offer wider access to growth for SMEs as a new report published today concludes that it drives technology innovation in the UK. (Buying Power? Is the Small Business Research Initiative for procuring R&D driving innovation in the UK?) Public procurement of products and services amounts to £220 billion a year in the UK. The SBRI programme encourages public sector procurement of pre-commercial technologies often from small to medium sized businesses by running targeted competitions to fulfil public sector contracts. It is based on the successful American model in which SBRI-funded companies generated five times more growth than ot... »

New Look Economy: Built on Hi Tech & Innovation

The UK can only achieve healthy economic growth and job creation by boosting its high tech capabilities and innovation across the economy, according to a new report published today by NESTA, the National Endowment for Science, Technology and the Arts. Rebalancing Act (1.74Mb PDF) provides new analysis on how to rebalance the economy. It shows that a full-blooded revival of the wider manufacturing sector is wishful thinking and would require growth rates not seen since the Second World War. NESTA worked with Oxford Economics to develop four scenarios for the future balance of the economy, and applied them to an economic forecast model showing how each will affect economic growth, regional performance and employment in the UK. The four scenarios (detailed at the bottom of the release) are: &... »

NESTA Announces Top 100 Open Innovation Global Winners

Celebrating the power of collaborative working NESTA today announced the winners of Open 100, a competition to find global companies and organisations which excel at ‘open innovation’ and exploit the power of mass collaboration. Open innovation is a growing trend among the private, public and third sector which allows new ideas, solutions and markets to be sourced from external partners, moving away from a reliance on traditional internal R&D. Open innovation strategies have become increasingly important as customers demand more service and product innovation at a faster speed, and where tough economic times require cheaper ways of developing new products and services. A recent survey by NESTA in conjunction with HI Network found that in response to the downturn, FTSE 100 b... »

NESTA Innovation Index

New Index puts Economic Value on Innovation

Two thirds of private sector productivity growth between 2000 and 2007 was driven by innovation, claims a new report by NESTA, the National Endowment for Science, Technology and the Arts. The findings are revealed in NESTA’s Innovation Index – the most ambitious attempt yet to measure the contribution of innovation to the UK’s economic growth. The Index, which will be published on an annual basis, reveals a direct link between the amount of innovation that companies invested and productivity output. UK businesses invested £133bn in innovation in 2007 (the most recent year covered by the Index), representing 14% of private sector output. The effect of all this innovation is increased productivity. Two-thirds of UK private sector productivity – 1.8 percentage po... »

Innovation Drives UK Super Companies

Just six% of UK businesses hold the key to job creation and wider prosperity, according to two reports released today by NESTA (National Endowment for Science, Technology and the Arts). Together, the reports represent the most ambitious mapping exercise of business growth in the UK, mapping the UK’s high-growth firms1 over almost a decade. The analysis reveals that just 11,500, or 6% of UK businesses with 10 or more employees are classed as ‘high-growth’ companies. This small number of businesses has generated around half, or 54%, of new jobs (1.3 million out of 2.4 million new jobs created by all existing businesses with 10 or more employees in the last three years). The reports also reveal that these ‘super companies’ thrive across the country. The North Wes... »

Mature Entrepreneurs Behind Successful Start-Ups

Mature Entrepreneurs Behind Successful Start-Ups

More than a quarter of start-ups set up between 2001 and 2005 were created by older entrepreneurs, a report by the National Endowment for Science, Technology and the Arts (NESTA) has revealed. The grey economy found that of the 350,000 businesses set up in this period and still trading in 2008, 93,500 were started by 50 to 65-year-olds. This proportion is higher than previous research has indicated. “Traditionally, it has been assumed that entrepreneurship is a young person’s game, but research shows that the share of older entrepreneurs has increased and is increasing,” said report author, Ron Botham. “This is often put down to a higher number of older people being made redundant and starting their own businesses. However, it is also down to the fact that 50 to 65-... »

Digital Britain: NESTA’s Response

NESTA, the independent charity that invests in science, technology and arts, responds to the new Digital Britain report and says that "digital Britons" must now be the focus… Welcoming the latest publication of the Government’s Digital Britain Report, Chief Executive of the National Endowment for Science, Technology and the Arts (NESTA) Jonathan Kestenbaum, says: "Digital Britain is no longer a marginal issue. It lies at the heart of unlocking economic potential and radically reshaping how we deliver public services. Get this right and people will no longer accept being passive consumers of services, but will become a part of the solution. The challenge for policymakers is to harness this new power in a positive way. It’s time for Britons to get digital&quo... »