Shaping the future of innovation

anked fourth in the World Intellectual Property Office’s Global Innovation Index 2022, the UK is an innovation powerhouse with dynamic companies scattered across the archipelago. London remains one of the world’s most innovative cities, with 20 new businesses achieving unicorn status (valuation of more than $1 billion) in 2021 alone, while research and education hubs elsewhere in the country are decentralizing the concentration of wealth and brainpower from the capital.

The UK isn’t short on recent game-changing innovations: the AstraZeneca vaccine, the world’s strongest material graphene and highly advanced ARM computer processing units are among technological breakthroughs developed there in the last decade.

These innovations have put the UK on track to become “a global innovation hub” by 2035, and in turn, one of the most attractive destinations for investors. To this end, the government is channeling a record £22 billion of public funds into R&D annually and has established new visa pathways for recruiting and maintaining talent.

Foreign Direct Investment (FDI) is also central to UK innovation. To facilitate this, the government is offering venture capital schemes to help small and medium enterprises expand, alongside tax relief for individuals investing in small UK businesses. Furthermore, businesses can benefit from the UK’s corporation tax rate of 19%, the lowest in the G20.

This has encouraged major corporations to establish their European headquarters in the UK, where they can capitalize on its talent pool and innovation credentials. The UK has four of the world’s top 10 universities and nine institutions in the global MBA rankings, as of 2022.

As the government becomes more bullish on its renewable energy targets, sustainability has helped drive innovation further. The UK is among the most attractive clean energy investment markets in Europe, following the UK Infrastructure Bank’s £22 billion plan to tackle climate change and boost regional growth.

From precision medicine companies in Northern Ireland to an offshore wind hub in Cromarty Firth, meet the communities working at the bleeding edge of their respective industries to shape the world of tomorrow.