The Government must focus on developing creative, digital information technology (CDIT) talent to ensure strategic competitive advantage for the UK. UK should become a hub of digital technology companies that could potentially become world beaters, according to a new report from the Council for Industry and Higher Education.
The lobby group which acts as a link between Universities and businesses have urged the government to promote digital technology subjects along with Stem subjects to ensure the UK does not lose market share in this $3 trillion market.
"The fusion of technology with the creative and digital industries is as vital to the UK's economic growth as that of science, engineering and manufacturing," says the report. We “need to learn from and replicate the initiatives and innovation environment which brought the world Google, Amazon and Facebook”, said David Docherty, chief executive of the taskforce and author of the report. Mr. Docherty also argued that if necessary steps are not taken then the UK could lose substantial market share to countries such as China, the US, Japan and Australia.
The report urges the government to provide R&D tax credits and public investment while creating an environment that encourages private sector investment in this sector. Providing support for CDIT would be different from the usual STEM subjects, the report suggests and argues that there needs to be more support for inter-disciplinary projects which integrates diverse streams such arts and humanities with science and technology.
Public investment is crucial says the report as it highlights the example of Silicon valley in the US, where public investment and nurture ensured development of world beating companies such as Google, Sun Microsystems etc.