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Innovation is the successful exploitation of new ideas. These ideas improve the way we do things and the things we make: the things that allow a business to remain competitive. Some ideas are small and iterative; others can create an entire paradigm shift. Evidence shows that businesses that have the awareness to continually create, evaluate and successfully exploit their new ideas are more likely to survive and prosper in the competitive global economy.
Innovative businesses benefit the UK economy: delivering added value; high quality jobs; successful businesses; better products and services for customers; and new, more environmentally friendly, processes. The Department is working to create the conditions for business success and help the UK to respond to the challenge of globalisation. In order to deliver Government's overall ambition for wealth creation and productivity growth, sustained business investment in innovation will be necessary. For its part, Government is investing in the UK science base and interventions that support and encourage innovative companies to invest in R&D and collaborate with each other and with academia to turn ideas into profit. The Government’s 10 year Science and Innovation Investment Framework sets out the key issues - what Government intends to do and how we will measure the success of our actions.