Tories moot prizes for tech innovation

A Conservative Party thinktank is proposing the introduction of prizes to spur companies on to creating more innovative solutions to the problems facing the UK.

According to the Science, Technology, Engineering & Mathematics (STEM) taskforce, the prize scheme would help UK companies try harder and stop the brain drain of highly skilled staff to other countries.

A similar scheme was last used in the 18th century, which resulted in a solution to the navigational problem of plotting longitude, the group pointed out.

“The STEM taskforce believes that government could encourage innovation not by trying to pick winners but by identifying a need and challenging scientists and engineers to come up with the right product or service,” said former Science Minister Ian Taylor.

“But we can do more than just use the power of procurement to stimulate innovation. The US Government encourages scientists and engineers by putting up prizes for those who can produce answers to critical problems.

“This is the approach Britain has taken in the past - like finding a way to determine longitude in the 18th century - and we believe it could work again today. Why not put up a £10m prize for the first company or organisation that can produce a workable system of generating power from waves.”

The STEM report says that innovation be more demand-driven and not rely on bureaucratic schemes and assessment processes.

In others words, do away with certain grants and subsidies for untested offerings and replace it with a scheme whereby the government buys innovative products and services from leading- edge companies. More at eGov Monitor.