From ideas to wealth

There is general acceptance that innovation is the key to growth - but virtually all the growth models draw their inspiration from Adam Smith’s postulation of the ‘invisible hand’ which has led economists and policy makers to fixate on aggregate output measures such as GVA and Productivity, without understanding growth mechanisms. The RDS is focused on providing an accurate understanding of how innovation can be commercialised, extending the NASA Technology Readiness Levels (TRLs) into Commercial Readiness Levels (CRLs), and thereby delivering sustainable economic growth.

The RDS has developed a new macro-meso framework underpinned by a multi-polar meso-economic model based on the 12 key drivers of growth, not just the orthodoxy based on the bi-polar view which emphasizes technology innovation and investment. The RDS is using this to critique existing approaches to industrial strategy and to synthesize a more robust data-driven approach, where it is possible to accurately describe, inputs, outputs, the ‘transform’ function, and overall growth impact.

The RDS is engaged in actively applying this framework to growth companies, intervention agencies housing these companies, regional clusters and national agencies tasked with delivering the growth agenda. We work closely with strategic partners engaged in the ‘longitudinal’ commercialisation pathway, including research organisations, think tanks, commercial players and associated trade bodies. Through these collaborations we are gathering a longitudinal dataset by which we can chart company progress and understand the impact of interventions that seek to improve commercialisation performance.