Now is the time to innovate, said Lord Drayson, minister for science and innovation, who gave the inaugural Sir Douglas Hague Lecture at Oxford University’s Saïd Business School on 19 November.

In his speech to an audience of Oxford scientists, business academics, researchers and students, Lord Drayson talked about his experience of building technology companies and stressed that now is the perfect time to set up spin-outs and new businesses.

“Many of the world’s most successful businesses started in the teeth of a recession,” he said. “The global economy is coming out of recession, and I know from personal experience that high-growth technology companies are often the first ones to feel the upturn.”

In response to a question from the floor, Lord Drayson also said that he believed there was a future for manufacturing in Britain. For years, he said, there had been a political consensus that the British economy should focus on services, and in particular financial services, but in the wake of the recent recession, the government had “woken up to the fact that we’ve had decades of making a mistake”. The kinds of manufacturing businesses that the UK should foster, he said, were those involving high level design or scientific skills.

Lord Drayson holds a PhD in robotics and co-founded the Oxford-based Powderject company, which developed a revolutionary needle-free injection system. The firm was acquired by the Chiron Corporation for more than £500m in 2003.

The Annual Sir Douglas Hague Lecture reflects Sir Douglas's longstanding interest and involvement in enterprise, innovation and leadership and focuses on links between the academic and entrepreneurial worlds. The inaugural lecture was jointly organized by the Oxford Centre for Entrepreneurship and Innovation and Green Templeton College.