Businesses are unaware of potential financial support they could be receiving from the UK’s Regional Development Agencies, a report has found.
The figures, from the British Chambers of Commerce (BCC), showed that while three quarters of businesses invest in research and development, just one in three are aware of regional support for innovation.
The BCC said England’s nine Regional Development Agencies (RDAs) have a £2.2bn budget available ‘on a number of priorities including “encouraging innovation” and “supporting enterprise”.’
However, it added that innovation policy remains too narrowly focused on science and academia, with some RDA activity being duplicated by the private sector, ‘creating unnecessary waste and inefficiency’.
David Frost, the BCC’s director general, said maintaining a culture of innovation among UK businesses is essential to the future prosperity of our national and regional economies.
“RDAs have significant budgets and it is important that in facilitating innovation, they join up support with what is really happening in the private sector in their regions,” he said.
“There is a great deal of work to be done here if the goal of embedding a nationwide culture of innovation can be met, the expertise of the entire business community must be brought to bear in meeting this. ”
© Crimson Business Ltd. 2008
