One of the main objectives of the Government is to reassert the UK as the worlds leading country for innovation in business.
According to a recent report, innovation will be one of the main drivers for economic growth. The report, conducted by the National Institute for Innovation in Business, found that innovation can be attributed over half of the growth recorded in new businesses in 2009.
Over 50% of all businesses asked, said that any incremental investment would be invested in new technology and the development of new products to improve existing products and services.
Matthew Kitchen, director of the NIIB, commented: “This report is has provided one of the most important insights into how business will develop in 2010. While investment remains low and the amount of finance available is still marginal, it is encouraging that most new businesses recognise the important of continually improving their proposition and are prepared to allocate a significant amount of revenue into research and development.”