Innovators and entrepreneurs, particularly in the technology and knowledge sectors, are the future of the UK economy, according to a new report.
Launched today, the Developing the Future report, commissioned by Microsoft, predicted that in less than three years’ time, more than half of UK gross domestic product will be generated by people who create ‘something from nothing’.
The report stated UK innovation is increasing more rapidly in the small and medium-sized business sector than any other.
Speaking at the launch, Julie Meyer, chief executive officer of investment and advisory firm Ariadne Capital, said individual capitalism was the ‘force of growth in the 21st century’.
“The triple play of the internet, entrepreneurship and individual capitalism is encouraging people of all walks of life to dream big dreams.
“But entrepreneurship is not for the faint-hearted; it is about persisting and taking total accountability for a company and your life: the good, the bad and the ugly.”
Gordon Frazer, managing director of Microsoft UK, said the report painted a strong picture for innovation in the small business sector and for London as a ‘hub for creative industries and innovative activity’.
“This is a call to action for industry, academia and policy makers to make real changes that will drive continued prosperity in the UK,” he continued.
“We have an opportunity to harness the innovation, talent and entrepreneurship that exists but we need to face up to some serious challenges first.”
The report recommends the government puts in place more incentives for implementation of the skills agenda with particular focus on small businesses.
It also said there was a ‘loud clear call’ for the development of intellectual property rights for the digital age.
© Crimson Business Ltd. 2007
