The UK is a world leader in science and technology but we will quickly fall behind without investment

We stand at a key moment in history. Technological advance is creating explosive disruption and it will affect everyone. At this anxious time, though, the UK has reasons to feel confident about the future: we surpass other nations of our size in the strength and international impact of our academic science base, from biotech through to space science; and we are second only to the US in our number of top-ranked universities.  

But we don’t yet harness this expertise for commercial and social benefit, and there is rich potential in doing so. We are handicapped because non-governmental investment in research and development is lower than in other comparable nations. The fraction of our GDP spent on research is 1.7 per cent, compared with 2.2 in France, 2.9 in Germany, and 4.3 in South Korea.

The two authors of this article bring contrasting perspectives: a view from academia, and a view from the world of finance and start-ups. But through Ahren Innovation Capital, we are trying to bring these worlds together, for optimal public benefit.

The coronavirus crisis has rightly triggered a surge of investments and entrepreneurial activity, mainly in biotech. But we need to seize opportunities in other sectors. For instance, the climate crisis is like a slow-motion version of Covid-19 and it demands massive innovation in the energy and food sectors.

The first products based on precise gene-editing (the CRISPR Cas 9 techniques that received a Nobel prize this year) are now reaching market. Other innovators are linking cutting-edge biology and artificial intelligence (AI) to develop biosensors that discover pathogens before they become future pandemics.

In other areas, Ahren is supporting physicists who apply quantum mechanics in novel ways to develop unbreakable encryption algorithms, and energy-efficient devices. We have also invested in biologists who are gene-editing crops to capture carbon, and seeking to use gene therapies to deliver proteins that could enhance the quality of life or increase life span. Computer scientists are creating communication systems that overcome the current limitations of Zoom by using AI to monitor social and non-verbal cues.

Our Ahren co-founders are eight science partners with acknowledged expertise in different specialties: AI and machine learning; human genome sequencing; physics and space science. Several have themselves started successful companies. They can collectively offer the kind of trans-disciplinary thinking that is needed in assessing commercial opportunities. Our fund has $250m to invest.

The Covid-19 crisis – and the emerging economic and societal fallout – generates fears of short-termist protectionism, removal of critical support from the poorest and reduced investment to deliver world-class firms.

Governments cannot solve this alone. This situation uniquely requires politicians, scientists and business-people to work together. Investment funds must play their part. We call for collaboration between like minded funds to deploy long-term, active capital, essential for major technological advancement. We must work together to offer investment that is truly supportive of visionary founders making relentless efforts. We must act in accord with values that will inspire founding entrepreneurs.

This is the era of the network. It’s a good time for successful former, or current, entrepreneurs, who wish to give back and help the next generation succeed. Long-standing global institutions must combine with private partnerships and virtual “Inspiration Hubs” to develop new technology geared and incentivised for innovation and commercialisation. Investment funds, larger corporate mentors and other far-sighted commercial groups, can all play their part.

The UK has a lead in key technologies that can accelerate a zero-carbon economy, including machine learning and physics. To ensure we stay at the forefront of AI, the government should sponsor an AI supercomputer in an independent data centre for innovators, researchers and start-ups. We should not fall behind. Massive computer power is needed for effective AI – and also for modelling the world’s climate accurately enough to yield reliable predictions of how weather patterns are changing.

Societally, it is critical for the government to support those in need, including via housing associations which, due to constant funding cuts, are closing entirely or removing critical support for vulnerable young people. People from poorer backgrounds have no less good ideas; they are frequently highly driven and entrepreneurial. If they are deprived of essential support, they lose the potential to contribute to our future. This is not only bad for these individuals, it is bad for our society as a whole.

Finally, we must ensure that talent emerging from our universities is attracted to innovative industries. This can be facilitated if we teach entrepreneurship in universities and foster technologies worthy of the next generation's idealism, in order to attract – and retain – mobile talent. There should be no more “ivory tower”, cut off from the rest of society.

We have reasons to be hopeful. There has rarely been a better time to invest. Some of the most innovative companies are founded during a crisis. Airbnb, Slack, Uber and WhatsApp were all founded during the recession.

Our great hope is that we can use this crisis to serve some positive purpose. We hope a shift from self-interest towards the global good will continue once we have emerged from the other side. Perhaps we will use frameworks and connections without borders to tackle other pressing needs with which we are faced.

There are a few rare times when one is called to step up, and to work together, for the benefit of humanity. This feels like one of those times.

Martin Rees is Astronomer Royal and a Ahren Science Partner  

Alice Newcombe-Ellis is founding and managing partner of Ahren