The UK is a global hub for innovation, driven by a dynamic ecosystem of companies, investment opportunities, and research development. This section highlights four key pillars essential to understanding the digital economy: Access to Investment, Innovate UK Funding, Innovative Companies, and R&D Spending. These elements paint a comprehensive picture of how businesses thrive, grow, and scale across different regions of the country, with each playing a vital role in shaping the future of innovation and technology.
The UK's innovation ecosystem is characterised by significant regional disparities in investment and R&D spending, with London, the South East, and East of England having the greatest access to funding. Access to funding is critical for businesses aiming to scale, and while the South of England sees greater access to investment, there are success stories from all regions. For example, Manchester has well-known examples in the fields of AI and biotechnology. There is potential to improve regional access to Innovate UK funding and the Hartree STFC centre is a strong example of what can be achieved through public funding and the colocation of businesses.
