Our aim today is to focus on the short-term measures we can all take to combat the recession which will feed our longer-term strength as an economy and society. The more we can use the short-term crisis to address and accelerate our adjustment to longer-term challenges, for the greater benefit of everyone. That means we need a strategy to attack the recession, not just to respond to it. Innovations –in business, communities and public services –need to be at the heart of that attack. We should aim to emerge as a more innovative, greener, more sustainable and diversified economy.
Many global economies are in desperate need of new growth sectors to make up for the dynamism that has been lost from financial services. The development of those growth sectors will require a mix of intelligent public investment, partnership with business and entrepreneurship. Decisive leadership and public investment will be critical to innovation in many fields, from scientific research to cultural funding.
A clear lead from governments across their range of functions, in a policy context & supportive of innovation, has enabled other economies to develop new high-growth sectors and to meet social challenges. The biggest gains for society will be found in those sectors that both offer the most immediate growth potential, drawing on our existing strengths that will help meet long-term challenges: green energy, environmental services, biotechnology, and services for an ageing society. These need to form part of a national economic strategy able to set long-term goals, and with the political credibility to help deliver them. But this approach needs to be combined with a mass of decentralized, entrepreneurial activity, searching for new markets and opportunities.
It follows that we all need a ‘total innovation’ strategy that draws together public, private, social and commercial innovation in line with entrepreneurial activity. The recession has created new platforms of growth if business entrepreneurs emerge to take opportunities in new growth industries and social entrepreneurs address those emerging social challenges. We believe this will form a sustainable stronger economy that will benefit our future generations to come. We have found a new way forward; let us show you how to be a part of it!