Without urgent coordinated action across Government, business and finance, the UK faces a "lost decade" of stagnation, according to The Big Innovation Centre.
The Big Innovation Centre is an initiative from The Work Foundation and Lancaster University to be launched today with the backing of business secretary Vince Cable, leading businesses and universities.
Its inaugural report says the Government must act now to adopt a strategy of collaborative, entrepreneurial investment in those areas likely to bring the greatest dividends in growth and jobs.
The report argues that without major change the country faces stagnating living standards, mounting deprivation and a growing structural trade deficit. The government must work alongside business and finance to invest in the UK's ability to take advantage of the enormous opportunities provided by emerging technologies, chiefly the digital and low carbon economy, health science and healthcare, cyber-security and virtual reality. These are today's equivalents of the steam engine, electricity or the internet - the so called 'general purpose technologies' (GPTs) that change the world and drive growth and job creation.
Will Hutton (pictured), chair of the Big Innovation Centre and co-author of the report, said: "Britain is in an economic corner, and we must now innovate our way out of stagnation. This requires a wholesale shift in the way we think about growth. We need an enterprising state co-creating with business and finance - in short, an innovation 'ecosystem'.
"Britain's patchwork of institutions, networks and public agencies is not fit for purpose. Too few firms and public bodies have a grip on how to benefit from 'open innovation' - the key to change in the twenty first century. Backed by leading businesses, the Big Innovation Centre aims to be the catalyst the UK so badly needs - thinking, influencing and, just as importantly - doing.
"The state must take the lead on this because confidence among businesses is so fragile at present. The government has already recognised the importance of this agenda but the time has come to make it happen."
The reports recommendations include:
Hutton added: "We aim to change Britain - to deliver a step change in its capacity to innovate and generate wealth. Nothing more; nothing less."
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