Rebalancing Act

The NESTA model tested four possible scenarios:-

1.‘business-as-usual’ case
2. a broad-based manufacturing renaissance
3. a high-tech growth scenario
4. a case in which businesses invest heavily in innovation across the economy. 

The model outcomes show that the business-as-usual scenario is slow to generate jobs (employment growth does not occur until 2013) and delivers poor growth.   The broad-based manufacturing renaissance is unlikely to be sustainable since it requires at least a 3% increase in the manufacturing sector’s contribution to the economy ABOVE the overall economic growth trends to 2020, to a level not experienced since before 1945!

 

A high-tech growth scenario would generate a higher rate of growth  and a faster return to employment, by 2011 rather than 2013, as would the scenario of much stronger business investment in innovation across the economy.  Both of the latter scenarios would offer a very sound overall level of economic growth.

 

Thus innovation, whether in the high-tech manufacturing sector or more widely across all sectors, could drive robust growth with positive employment across all parts of the UK.  However this will require private enterprise to make significant investments in innovative activities to secure growth opportunities in the UK and, critically, in overseas markets. See – Rebalancing Act

 

Plan I

The case for innovation-led growth

Rebalancing Act

The recently published NESTA (National Endowment for Science, Technology and the Arts) report ‘Rebalancing Act’ (June 2010) clarifies the choices available for rebuilding the UK the economy.

Ingenious Britain

Sir James Dyson’s recent report – ‘Ingenious Britain’ – highlights the need for a much more pluralistic approach to nurturing innovation than has traditionally existed in the UK.

Leadership and Innovation

One of McKinsey Top Ten articles from 2008

Innovation metrics

McKinsey global study

Customer World

Another Peter Fisk article, looking at things from a customer perspective

Seeing things differently

Peter Fisk article on how companies must approach business in different ways in this rapidly changing environment

Hidden Innovation

A report on Hidden Innovation by NESTA detailing how innovation happens in six low innovation sectors

Harvard Business Review on SIT

At the heart of Ideality’s ACTOR process is a great idea generation tool called Systematic Inventive Thinking.