Institute of Physics Fringe: Supercharging Physics R&D for UK Prosperity, in partnership with Industry Forum

The event, chaired by Anjana Ahuja, Freelance Science Journalist and Financial Times Columnist, centered on the role of physics research and development (R&D) in driving the UK's economic prosperity. Hosted by the Institute of Physics (IOP), the panel consisted of experts from academia, industry, policy, and finance discussing the opportunities and challenges facing the UK's physics-based businesses. The discussion covered talent development, investment in R&D, and fostering innovation in a way that supports sustainable growth and technological leadership. Key Takeaways:

• Enhancing STEM education, skills development, and talent retention are critical for the growth of physics-based industries.
• Long-term, consistent funding and strategic policies are needed to ensure the commercialization of research and technological advancements.
• Collaborative efforts between government, industry, and academia are essential to drive the UK's R&D capabilities and support sustainable economic growth.

Panel Highlights and Key Topics

1. Importance of Physics R&D for Economic Growth:
   • Anjana Ahuja provided context, noting that physics-based businesses account for approximately 11% of UK GDP. The UK is in a pivotal position to leverage physics for growth, particularly in green technologies, materials, and energy.
   • The panel aimed to explore how best to target investments in physics to support innovation and achieve national economic goals.
2. Innovation in Academia and Business:
   • Professor Matthew Brookes shared his experience commercializing brain-imaging technologies through a university spin-out. He credited the UK Quantum Technologies program for fostering industry-led research, but also noted difficulties in retaining talent due to competition with higher-paying tech sectors abroad.
   • Robert Lamb, from Leonardo UK, emphasized the importance of maintaining a pipeline of skilled graduates in science, engineering, and mathematics to support manufacturing and defense technology sectors. He stressed the role of universities and graduate programs in providing this talent pool.
3. Venture Capital and Investment Gaps:
   • Jo Slota-Newson explained how Almanac Ventures focuses on supporting startups based on scientific innovation, particularly in areas like industrial decarbonization. She emphasized the need for education that fosters creativity, beyond traditional lab-based learning, to encourage entrepreneurship.
   • Jo highlighted that, while the UK is ahead of Europe in venture capital investment, it lags behind the US (California, New York, Massachusetts). She underscored the need to build on the UK's strong academic ecosystem and critical mass to maintain its edge.
4. Challenges in the Skills Pipeline:
   • The panel consistently returned to the theme of a skills shortage, particularly the need to attract and retain talent in physics and engineering disciplines.
   • Peter Stephens from Arm shared the company's perspective on investing in R&D within the UK. He noted the clustering of talent in Cambridge and highlighted the Semiconductor Education Alliance, which aims to guide students towards careers in computer engineering and architecture.
5. Barriers to Growth and Scaling Innovation:
   • The discussion emphasized the barriers that companies face when transitioning from research to market, such as supply chain challenges and the need for integrated systems that combine multiple technologies.
   • Panelists agreed on the importance of aligning R&D efforts with real-world industry problems to drive sustainable innovation and growth.
6. Government Policy and Support for Physics:
   • A key part of the discussion focused on what government policies are needed to support physics-based R&D. Panelists highlighted the importance of long-term investment strategies and suggested reducing administrative burdens on grants to support more seamless innovation.
   • The conversation touched on initiatives like Skills England, which is aimed at enhancing collaboration between employers, educators, and government to support talent development.
7. Skills Development and STEM Education:
   • Chi Onwurah MP (who joined the panel mid-discussion) spoke about the importance of promoting STEM (Science, Technology, Engineering, Mathematics) subjects in schools, especially to underrepresented groups like girls and disadvantaged communities. She emphasized the need to inspire young people and link physics to broader career opportunities and societal benefits.
   • The panel agreed that enhancing the perception of physics, improving teaching quality, and providing resources for practical, real-world problem-solving were essential for nurturing future talent.
8. Industry-Academia Collaboration:
   • There was a consensus that bridging the gap between academic research and industry needs is crucial. Robert Lamb pointed out that successful commercialization often requires a cohesive approach across the supply chain, from components to integrated systems.
   • Encouraging private investment and partnerships was seen as key to fostering innovation and driving physics-based businesses forward.
9. Policy Recommendations for Unlocking R&D Prosperity:
   • Panelists shared specific recommendations for policy improvements, such as increasing funding for interdisciplinary technologies, promoting skills-based education, and establishing long-term partnerships between the public and private sectors.
   • Jo Slota-Newson mentioned the IOP’s Venture Capital Impact Project, which aims to identify barriers to investment in physics-driven businesses and propose strategies to unlock billions of pounds in potential private investment.
10. Long-Term Vision and Future Technologies:
    • Each panelist shared a perspective on emerging technologies that could drive future prosperity, such as photonic integrated circuits for faster data processing, neurotechnology for brain health, and interdisciplinary innovations that address complex challenges like climate change.
    • The panel emphasized that ensuring a robust ecosystem of talent, funding, and industry collaboration will be essential to support these advancements.

Conclusion The event underscored the need for a multifaceted approach to boost physics-based R&D, focusing on talent development, investment, policy support, and fostering innovation across academia and industry. With the potential to drive economic growth, particularly through sustainable and green technologies, the panel called for policies that enhance skills, support university-industry partnerships, and encourage private investment. Panelists:

• Professor Matthew Brookes – Non-executive Chairman at CercaMagnetics and Professor of Physics, University of Nottingham
• Robert Lamb – IOP Vice President for Business (elect) and Chief Research and Technology Officer, Leonardo UK
• Jo Slota-Newson – Managing Partner, Almanac Ventures
• Peter Stephens – Government Partnerships, Arm
• Chi Onwurah MP – Former Shadow Science, Innovation and Technology Minister (joined mid-discussion)

Chair: Anjana Ahuja, Freelance Science Journalist and Financial Times Columnist