Innovate UK have released their State of Innovation 2024 report which aims to provide the most up-to-date and comprehensive look at what life is really like for innovating businesses on an annual basis.
Drawing on data provided from over 2,000 UK businesses, the report provides a detailed and timely view of businesses’ innovation activities, including their:
- priorities
- challenges
- plans for the year ahead
The biggest challenges for business is reported to be ‘cost-of-doing-business pressures’, with 46% of businesses reporting factors had constrained their innovation activity over the last year. An overwhelming 96% of companies planning to innovate next year wish to maintain or increase their spending on R&D and innovation, underlining the appetite of UK business to scale up.
Innovation has declined in recent years and if the Government are to deliver on their economic goals, they must reverse this trend and provide an improved operating environment for UK business.
You can read the report here.
