The importance of innovation for UK Businesses Global competitiveness

Table of Contents
1. Summary ........................................................................................................................................ 1
2. Defining key terms......................................................................................................................... 4
2.1 Innovation ................................................................................................................................... 5
2.1.1 Added Value .................................................................................................................... 6
2.2. Types of Innovation .................................................................................................................... 6
2.3 Productivity ............................................................................................................................... 6
2.4 Competitiveness ........................................................................................................................ 6
3. The Global Market ......................................................................................................................... 4
3.1 Changing Competitive Landscape ............................................................................................... 5
3.1.1 Globalisation ................................................................................................................... 6
3.1.1 Technological Advancements .......................................................................................... 6
3.1.1 Emerging Competitors .................................................................................................... 6
4. The Global Competitiveness Index ................................................................................................ 4
4.1 Drivers of Competitiveness ...................................................................................................... 4
4.1.1 The Twelve Pillars of Competitiveness ............................................................................ 5
4.2 The United Kingdoms Global Competitiveness ranking ............................................................. 5
4.3 The United Kingdoms Competitive strengths and weaknesses ................................................. 4
5. Innovation as a key contributor to Competitiveness for UK Businesses ..................................... 4
5.3 United Kingdoms Innovative ranking ......................................................................................... 5
5.3.1 Research and development in the United Kingdom ........................................................ 5
5.3.1 Barriers to innovation in the United Kingdom................................................................. 5
5.1 The Benefits of Innovation for UK Businesses ............................................................................. 5
5.3.1 Accelerated growth ......................................................................................................... 5
5.3.1 Boosted Productivity ....................................................................................................... 5
5.3.1 Competitive Advantages ................................................................................................. 5
6. Suggestions for increasing innovative activity in UK Businesses ................................................ 4
7. Final Conclusions .......................................................................................................................