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Objectives

The purpose of the Technology Strategy Board is to drive forward the Government’s Technology Strategy. The objectives for the Strategy over the next five to ten years are to encourage and enable:

• The continued restructuring of the UK economy in favour of high value, knowledge-based design, manufacturing and services;
• Significant activity relative to international competitors in chosen ‘Key Technology Areas’;
• High levels of domestic and inward investment relative to competitors in the Key Technology Areas;
• Strategic procurement by Government which stimulates innovation in business and improves the quality and cost effectiveness of public services by encouraging pull-through of innovative products and services.

In helping to achieve these objectives, the Technology Strategy Board will set its priorities and direct funding under its control to:

• Help our leading sectors and businesses maintain their position in the face of global competition;
• Stimulate those sectors and businesses with the capacity to be among the best in the world to fulfil their potential;
• Ensure that the emerging technologies of today become the growth sectors of tomorrow;
• Combine all these elements in such a way that the UK becomes a centre for investment by world-leading companies.

There is a strong focus on technologies where the UK has the capability and capacity to compete on a global stage, where the biggest benefit for UK business can be achieved and where we can make most difference to UK capabilities. The strength of the research base and the creativity and diversity of the workforce are key assets.

The Technology Strategy Board needs to support strengths in important R&D-intensive industries, such as pharmaceuticals and aerospace. UK technology is strong in these areas and UK-based companies are investing at levels on a par with their peers.

At the same time the Technology Strategy Board aims to increase engagement with the service sectors which now account for over 80% of the UK economy. It is working with knowledge-intensive industries such as creative and financial services, to increase understanding of their needs and to determine how best the Board can support their continued success.

The work of the Technology Strategy Board has a strong international dimension. A third of the R&D conducted in the UK is financed by foreign-owned companies; this investment provides an important contribution to our continuing prosperity.

Procurement is also a focus. The Government spends in the region of £150 billion a year on everything from office stationery to aircraft carriers. The Board aims to join up activities across Government and to ensure there are better linkages between research and procurement opportunity helping to stimulate innovation in UK business.