Universities and the Regional Economy John Edwards, Chief Executive Advantage West Midlands July 2006 R&D in the West Midlands West Midlands R&D spend less than 1.5% of GDP In 2004, estimated R&D spend was £21 billion By 2014 – spend must be £36 billion to reach targets High Technology Corridors High Technology Corridors - Longbridge Premier Automotive R&D Centre Advice for Business Sources of Information for firms who demonstrate innovative activity Clients or customers Suppliers W ithin your enterprise or enterprise group Competitors Professional and industry associates Technical, industry or service standards Scientific journals Conferences, trade fairs, exhibitions Consultants, commercial labs, private R&D Institutes Government or public research institutes Universities or other HEIs 0 10 20 30 40 50 60 % of firms 2001 survey Source: DTI Innovation in the UK: Indicators and Insights 2005 survey 70 80 Innovation Technology Council Began work in 2005 Five themes: - Medical technologies - Digital media - Advance materials - Transport technologies - Energy West Midlands Economic Strategy Birmingham Science City The Future for Universities and Regions Future Relationships Universities and the Regional Economy Questions and Discussion