Market making: a modern approach to industrial policy

Market making: a modern approach to industrial policy
Document type
Briefing
Author(s)
Sissons, Andrew; Thompson, Spencer
Publisher
Big Innovation Centre
Date of publication
3 December 2012
Subject(s)
Trends: economic, social and technology trends affecting business, Management & leadership: including strategy, public sector management, operations and production
Collection
Business and management
Material type
Reports

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This briefing examines the characteristics of modern UK industrial policy, pointing out its strengths and weaknesses. It argues that the state should focus more of its efforts on supporting new disruptive markets, and advocates a new approach to doing this, called market making. Rather than focus on specific industries, this approach concentrates on enabling the growth of new markets, thus allowing entrepreneurs and innovators to scale up their ideas more quickly.
Breakthrough inventions usually face a series of barriers to becoming fully fledged markets – from new infrastructure requirements to changes in intellectual property needs – and businesses often rely on the state to help tackle these. By working with innovative businesses and entrepreneurs, and responding to the needs and challenges that they face in
creating new markets, this paper argues that UK government can promote innovation and economic growth without playing a leading role, or having to commit vast sums of cash.

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