As a result, the RSA is quietly emerging as the one of most influential UK think tanks on key matters related to the economy and society.
A great example of this is the recent report “The Second Age of Small” which examines why policymakers should be focusing more attention on those microbusinesses that employ less than ten people.
It is a fascinating piece of work, especially given recent reports from the Institute of Welsh Affairs and the CBI that have said that future economic growth will come largely from mid-sized firms.
Perhaps the most important finding, given the debate over productivity within the UK economy, is that microbusinesses (when you exclude one person firms) are actually outperforming larger firms in the majority of fast growing sectors.
It is also worth noting that whilst universities and public policymakers tend to favour working with large firms in the field of innovation, smaller firms seem to be more efficient in this area mainly due to the use of open innovation with other organisations and in making the most of the resources they have in terms of new product and service development.
They will also enter those markets which large firms consider too weak or small for their interest thus helping to establish new sectors in the economy.
Of course, it can be argued that microbusinesses pay less than larger firms and offer fewer benefits to their employees, but this does not stop workers from rating smaller firms as having higher levels of job security, supportive management and involvement in decision-making.
So will this growth in the economic impact of microbusinesses continue? The RSA seems to think so, pointing out that there are a number of key trends that should ensure further development of this sector.
First of all is the acceptance of entrepreneurship as a positive force for good in the economy, with studies such as the Global Entrepreneurship Monitor showing that as many as 80 per cent of the adult population believe that entrepreneurs have a high level of respect in society while 55 per cent see starting a business as a good career choice.
Secondly, the fast changing nature of technology means that all that many entrepreneurs need to sell globally is a laptop and basic computing skills. Indeed, developments such as E-bay, Apple’s iTunes and other platforms have created opportunities for millions of people to start and own their own businesses.
In addition, the advent of new types of machines that enable craft firms and manufacturers to make smaller batch runs means that the economies of scale in some industries have disappeared.
And the revolution that 3-D printing will bring to many parts of society is set to change again the way we make things within the economy.
The impact of technology has also been complemented by the changing tastes of consumers who are demanding more niche goods and services that only smaller businesses can provide efficiently.
As the recent explosion in the microbrewery industry has shown, small businesses can develop a whole new growth sector that large businesses ignored by catering to the varied tastes of consumers. This is also helped by the fact that many of the owners of microbusinesses are consumers themselves and intimately understand the needs of their customers.
Finally, during the last four decades, there has been an increasing appreciation by government over the impact that small firms can make to the impact. This is very different to the situation in the early 1970s where the influential Bolton report suggested that the small firm sector was in crisis.
That is no longer the case and with programmes such as the start-up loan fund and the new Employment Allowance (which writes off the first £2000 that employers have to pay in National Insurance for their workers), there is backing to help microbusinesses grow further.
Therefore, it is great news for the UK economy that the numbers of microbusinesses are growing. However, many individual firms remain small and there remains the challenge of ensuring that for those that wish to grow, they are given more help to do so. This includes supporting improved management skills, access to overseas markets and, as the report into the Development Bank for Wales showed, availability of finance.
Certainly, if there was a greater focus on supporting such firms with the right training and funding, then the microbusiness revolution that the RSA has assiduously examined could have an even larger impact on the economy over the next few years.