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The Prince of Wales Innovation Scholarships (POWIS) program is aimed at providing 100 world-class graduates to welsh SME’s between 2009 and 2014. Each of the scholars is partly funded by the European Union and places scholar within a company for a period of three years, during which the scholars undertake research and development on any aspect of the company’s work; whether being to improve the company’s products and services, internal processes or the way that they interact with other companies. Each of the scholars is supported by a project manager, a local academic supervisor and a local or international academic supervisor with expertise in the chosen field of research. The scholar is expected to be based with their host company in Wales on a full time basis and use the outcomes of that time to complete a PhD (www.wales.ac.uk, 2010).

Non-set and service sectors

Knowledge-economy activities are often noticeable in the domains of Science, Engineering and Technology, particularly those that manufacture some patented product, though it is important to give consideration to the wider economy, in particular the service sector. Many of these, such as finance and telecommunications are captured in the OECD ‘ knowledge-intensive industries ’ definition (Coates and Warwick 1999). Growth in services led to almost all of the new jobs created in the EU in the period 1997-2002 and account for 70% of EU added value (EU 2005).

The importance of all sectors to the Knowledge Economy is emphasised by Michael Porter in ‘ The New Challenge to America’s Prosperity: Findings from the Innovation Index ’, (Porter and Stern 1999) where he outlines that there are no ‘low tech’ industries, only companies that fail to embrace new ideas and methods into their products. Porter and Stern also emphasise innovation in the context of ‘ discerning and meeting the needs of customers ’, rather than being a domain restricted to science and engineering, arguing that improvements in marketing, distribution and service can be as important as those generated in laboratories relating to new products and processes.

The role of the service sector in the Knowledge Economy and its economic impact is emphasised by the growth in knowledge services over the past decade. This is shown below in [link] , cited from the Work Foundation report for the 2007 EU Spring Council (Work Foundation 2006).

Growth in knowledge services in EU15 1995-2005 Source: EUROSTAT, cited from Work Foundation 2006.
Knowledge services Change (jobs) Change %
Business and Communications + 5,090,000 + 54.5%
High tech services + 1,581,000 + 37.1%
Health and Education + 6,838,000 + 26.7%
Financial Services + 129,000 + 2.5%
Total Knowledge Services + 13,637,000 + 30.7%

The importance of non-SET sectors is supported by historical observations. Peter Drucker in his book ‘ Innovation and Entrepreneurship ’ (Drucker 1985) describes how the economic growth of the US in the second half of the 20 th Century saw only one eighth of new jobs created in high technology. In fact technological effects such as automation often had negative effects on job creation. However, while robots appearing in factories may be an obvious example of how technology has affected manufacturing industries it should be remembered that something similar has also happened in the service sector. Telephone and on-line banking, e-commerce etc., are all examples of how growth in services has been accompanied by rationalisation and labour saving innovation (Hauknes 1999).

Questions & Answers

I only see partial conversation and what's the question here!
Crow Reply
what about nanotechnology for water purification
RAW Reply
please someone correct me if I'm wrong but I think one can use nanoparticles, specially silver nanoparticles for water treatment.
what is the stm
Brian Reply
is there industrial application of fullrenes. What is the method to prepare fullrene on large scale.?
industrial application...? mmm I think on the medical side as drug carrier, but you should go deeper on your research, I may be wrong
How we are making nano material?
what is a peer
What is meant by 'nano scale'?
What is STMs full form?
scanning tunneling microscope
how nano science is used for hydrophobicity
Do u think that Graphene and Fullrene fiber can be used to make Air Plane body structure the lightest and strongest. Rafiq
what is differents between GO and RGO?
what is simplest way to understand the applications of nano robots used to detect the cancer affected cell of human body.? How this robot is carried to required site of body cell.? what will be the carrier material and how can be detected that correct delivery of drug is done Rafiq
what is Nano technology ?
Bob Reply
write examples of Nano molecule?
The nanotechnology is as new science, to scale nanometric
nanotechnology is the study, desing, synthesis, manipulation and application of materials and functional systems through control of matter at nanoscale
Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
what school?
biomolecules are e building blocks of every organics and inorganic materials.
anyone know any internet site where one can find nanotechnology papers?
Damian Reply
sciencedirect big data base
Introduction about quantum dots in nanotechnology
Praveena Reply
what does nano mean?
Anassong Reply
nano basically means 10^(-9). nanometer is a unit to measure length.
do you think it's worthwhile in the long term to study the effects and possibilities of nanotechnology on viral treatment?
Damian Reply
absolutely yes
how to know photocatalytic properties of tio2 nanoparticles...what to do now
Akash Reply
it is a goid question and i want to know the answer as well
characteristics of micro business
for teaching engĺish at school how nano technology help us
How can I make nanorobot?
how did you get the value of 2000N.What calculations are needed to arrive at it
Smarajit Reply
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Source:  OpenStax, A study of how a region can lever participation in a global network to accelerate the development of a sustainable technology cluster. OpenStax CNX. Apr 19, 2012 Download for free at http://cnx.org/content/col11417/1.2
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