1. The Knowledge Economy in Cornwall and the Isles of Scilly LEADING THE DEVELOPMENT AND DELIVERY OF KNOWLEDGE AND ENTERPRISE SERVICES Research conducted by The Work Foundation, April 2011 Impact Knowledge Innovation Efficiency Insight Expertise

3. 1. The Changing Economy

7. Knowledge intensive services Knowledge intensive services include communications, financial services, business services, education and health – as major drivers of growth Source: TWF estimates from ONS statistics 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 KE services All other services Manufacturing

8. Growth of an educated workforce Source: EU KLEMS database

9. Major challenges over the next decade 1. Adapting to the long term shift to a more knowledge intensive economy 2. Addressing low skill levels and high unemployment 3. Creating a low carbon society 4. Driving efficiency and managing public expenditure constraints

12. 2. Understanding the Knowledge Economy in Cornwall and the Isles of Scilly

15. Employment in knowledge industries 43.7 50.1 47.9 37.6 39.4 36.9 24.4

16. Employment in high skill occupations 39.0 49.1 47.6 35.7 31.5 34.1

20. 3. Opportunities for Cornwall and the Isles of Scilly

26. Anchor institutions framework Source: The Work Foundation, adapted from Örjan Sölvell (2008) Cultural Capital Financial Capital Social Capital Physical Capital Human Capital Impacts of Anchor Institutions: Benefits & Challenges Intellectual Capital Market Capital

27. 4. Implications for Cornwall and the Isles of Scilly