Published ahead of the Budget and timed to coincide with their International Investment Summit, it outlined ‘growth-driving sectors’ - including advanced manufacturing, clean energy industries, creative industries, digital technologies, financial services, life sciences, and professional and business services.
In order to come close to driving forward growth in our economy across these sectors, the Government need to harness research and innovation. For decades universities have underpinned the conditions for growth, through their people, research and innovation. A fact previous iterations of an industrial strategy have failed to capitalise on.
While this new industrial strategy could be seen as just the latest iteration of many that have failed to deliver in the past, the focus on partnerships with business as well as a desire for equitable growth across the country offers potential for success.
Partnerships have been a cornerstone of universities’ roles in helping to deliver economic progress in their regions for decades. As anchor institutions in their towns and cities universities, alongside public and private sector partners, have long been delivering economic, social and cultural development.
This new strategy is also rightly ambitious for more equitable growth across England’s regions, something universities are primed to deliver on. At Sheffield Hallam University we have worked closely with South Yorkshire Mayoral Combined Authority and elected Mayor Oliver Coppard to support ambitious plans for our region.
Greater devolved powers, through the English Devolution Bill, will help to deliver further effective regional development by giving mayoral combined authorities greater capacity and resources to set out ambitious growth agendas.
Universities are uniquely positioned to bridge the gap between policy ambitions and practical implementation of the Invest 2035 strategy. One key area where universities can make an immediate impact is through skills development and workforce training. By aligning curriculum development with the needs of these priority sectors, universities can ensure a steady pipeline of talented graduates ready to contribute to these growing industries including renewable energy engineering, artificial intelligence, and advanced manufacturing technologies.
Additionally, universities' research infrastructure can be leveraged to accelerate innovation in these sectors. Our laboratories, testing facilities, and research centres can serve as crucial resources for businesses, particularly SMEs that may not have access to such facilities, helping to translate academic research into commercial applications more effectively.
Universities are also well-positioned to facilitate knowledge exchange between academia and industry. Through industrial partnerships, collaborative research projects, and knowledge transfer partnerships (KTPs), they can help businesses adopt new technologies and innovative practices. This is particularly important in emerging fields like clean energy and digital technologies, where the pace of innovation requires constant updating of knowledge and skills.
Invest 2035 could offer huge opportunities for universities to demonstrate their unique position in helping to deliver growth and innovation across priority sectors. And it is an opportunity they must seize to ensure they are seen as a vital component in the delivery of this vision for equitable growth for all.
By Professor Conor Moss, Executive Dean of the College of Business Technology and Engineering at Sheffield Hallam University
This article first appeared in the Yorkshire Post
