The UK is one the best places in the world to create and grow innovative businesses, according to research by multi-national conglomerate GE.

A survey incorporating 26 countries by the group found that only the US, Germany and Japan ranked higher, with the UK scoring points on government support for innovation.

Results from the survey, which asked business leaders to rate their country’s performance, reflected ministers’ work to promote innovation in the UK economy.

In an example pointed out by GE, the UK Innovation Fund is set to deliver financial support to around 26,000 innovative mid-sized businesses.

Mark Elborne, CEO of GE UK and Ireland said: “With an increasingly competitive global marketplace, innovation is crucial. It’s reassuring that businesses believe the UK is a good place to innovate and that they are supported by government policies and funding.”

Elborne called on government to make support more accessible for tech firms and added that more should be done to increase the talent pool through STEM subjects in schools.

In a separate finding, the UK came sixth in the list of innovative countries nominated by business leaders in other countries, falling behind China and South Korea.

An ‘innovation challenge’ outlined by the report was an apparent lack of awareness about the potential for big data and the Internet of Things.

Elborne said: “We believe that harnessing the big data of the Industrial Internet is the next revolution and the UK must make sure it does not get left behind as other nations seize the opportunities this offers.”