The current  R&D tax credit system is not well purposed for knowledge industries, where iteration may be a constant process and not always locked down into a final defined product. This should be urgently reviewed.
The Technology Strategy Board is supporting the supply side to innovate, however in the current economic climate demand side stimulation is also needed – this could be achieved by incentivising the public and private sectors to purchase products spun out of TSB funded projects, maybe through an ‘innovation buyer cashback’ system or public accreditation as a ‘UK Innovation Supporter’. In the first instance the public sector should be committed to adopting innovation funded through TSB projects where the benefits are proven – proving the benefit should be part of every TSB funded project.
Bank lending is still difficult to obtain for innovative and therefore risky propositions – an innovation loan fund at competitive rates would be welcome
Support for exporters is strongly purposed for early exporters, this should be extended to long standing exporters where innovation is being showcased