I was asked not too long ago in an interview what advice I would give
to an incoming UK government on how to increase innovation in our
economy. Here is what I would recommend:
1. Make it as easy as possible to start a new business. Most radical innovations come from start-ups and we need a lot more of them. It is already reasonably easy to start a new business in the UK. However, we could further reduce administration and tax on new businesses e.g. no corporation tax for the first two years trading.
2. Increase the availability of loans for small and medium sized businesses (SMEs). At the moment many smaller enterprises cannot raise the finance they need to expand. We need to encourage venture capital funds, business angels and banks to invest in or lend to start-ups and smaller enterprises. This is risky so the government can help lay-off some of the risk.
To read the full, original article click on this link: Blogging Innovation » Three Things Government Can Do to Boost Innovation
Author: Paul Sloane
