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Vince Cable speech at Policy Exchange; Cable speech SOT - But in the UK there has been a bigger gap between scientific theory and business innovation than in, for example, Germany. Supporting the industries of the future requires addressing some of the market failures involved. That needs a subtle approach, in order to avoid interventions that fall victim to political favouritism or commercial vested interests and to insist on a proper appraisal of costs and benefits. That is why I have given such support to arms-length bodies such as the Technology Strategy Board, and the Technology Innovation Centres that it will oversee. These Centres will identify and support core technologies, smoothing the path from original academic research to commercially viable application. There is often a market failure in the innovation phase of new technologies. Revolutionary technologies are often very risky, or simply too complex or resource intensive, for an individual company to make the necessary investment. The TICs will provide university researchers and businesses with facilities to collaborate to build prototypes, use large-scale clean rooms or develop virtual environments to support product design. This approach builds on the German Fraunhofer model and has been recommended by James Dyson and Hermann Hauser. A fortnight ago, I announced 140 million pound of funding over the next six years for the first of these centres - for high value manufacturing. Comprising a network of seven facilities, the manufacturing TIC will help advance concepts in the fields of photovoltaics, biochemicals and composites, to give a few examples. Separate TICS are planned focusing on cell therapy and offshore renewable energy. Others will follow. This is a down payment on a new approach to the support of innovation. The second pillar of our new industrial policy comprises the carefully managed use of limited public sector seed capital to leverage in private investment. The 1.4 billion Regional G...