Engineers predict 2020 innovation trends
R&D plays a fundamental part in the success of any economy, enabling significant advancements across science and technology which ultimately have the power to improve the quality of a nation’s daily life. In 2019, Switzerland topped the Global Innovation Index, whilst the UK dropped from 4th place in 2018 to 5th in 2019.
We spoke to delegates at Advanced Engineering 2019 about upcoming trends and important areas of innovation for 2020.
Watch the video below to find out more.
Elaine: Being able to take the efficiencies and the time savings and the quality advantages and mix that with technology and manufacturing is incredibly strong and really, really powerful.
Mike: We also need to create a distinct, separate environment, one which nurtures and protects the ideas, where high-risk innovation and experimentation is positively encouraged. This is where you can nurture those crazy ideas that have the power to transform industries.
Joe: Well, we've been to a lot of events, and electrification and decarbonisation seem to be the key talking points.
Stephen: With now the Industry 4.0, etc., everything is going to the cloud. So everything needs to be more monitored within the industry.
Kevin: In the future, we expect to see big developments on the software side of what we can do with our technology. The hardware, in terms of data capture, will continue to develop.
Mike: So where does MPA fit into all this? Our vision is to see a thriving UK economy fuelled by research and innovation. We deliver on that mission by working with forward-thinking UK businesses to release, accelerate, and sustain innovation.
Despite lagging productivity growth on a global scale, and high economic uncertainty, the future looks bright for innovation. In 2017, global government expenditure in R&D, according to the ONS, grew by about 5% whilst investment in R&D by businesses grew by 6.7%.
The UK government has set a target to spend 2.4% of GDP on innovation by 2027. This can only be achieved if businesses see the importance of and opportunity presented through innovation – whether this be the economic or social benefits on offer here.
At MPA it’s our mission to release, accelerate and sustain world-leading innovation delivered by forward-thinking UK businesses. To achieve this, we support those businesses, regardless of size of sector, by helping them manage daily business activities and funding, so that they can focus on making their next idea a reality.
If your business is involved in research and development, you could be eligible for government funding. Speak to someone in our team to find out how we could help.
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