It has highlighted two ways in which the future Government could do more to support UK innovation: "by offering more help to smaller manufacturing businesses to access the support they need to grow their businesses and create new jobs, and by increasing funding for innovation initiatives, such as the UK's network of Catapult technology transfer centres".
The IET's Margaret Wood said: "If we are to have a successful high value-added manufacturing sector in the UK, we need more of the results of our world-beating research to be exploited and developed in the UK.
"By taking positive steps to encourage investment across the whole product development cycle and to help companies in the UK scale up new ideas for commercial success, the Government would enable manufacturing to deliver huge benefits to the UK economy."
She added: "Smaller businesses are often behind the most exciting new innovations, but lack the time and knowledge to access government support schemes. By creating a series of local networks to advise on the support available, the government could dramatically increase take up for these schemes. And, as a result, we would see a far greater number of British ideas being developed and commercialised here – rather than overseas."
