£400m funding boost for British innovation

Posted on 1 Jul 2014 by The Manufacturer

The Technology Strategy Board has revealed its plans to invest over £400m across a number of British sectors aimed at boosting innovation.

The UK’s innovation agency outlined the proposals in its 2014-2015 Delivery Plan, which sets out its priorities for accelerating innovation while nurturing domestic business talent.

Through 88 new competitions, designed to find and fund top innovative ideas, key investment areas include:

  • £82 million to energy
  • £80 million will go to programmes in the healthcare sector
  • £72 million to support initiatives in high value manufacturing
  • £70 million to transport
  • £42 million for digital technologies

Included in the funding announcement are two new Catapult Centres – in precision medicine and energy systems – and the establishment of a permanent presence in Brussels to champion British innovation abroad.

Universities and science minister David Willetts said TSB is working to ensure Britain remains a global leader in innovation.

“Innovation is booming in this country, and it is part of our long term economic plan to invest in ambitious entrepreneurs and businesses, to help them grow and succeed in the global race,” he said.

In an effort to further boost small and medium businesses, the TSB is to also introduce a growth programme tailored to their needs.

This will include a package of skills, mentoring and coaching support, with the aim of giving micro and small companies the capability to progress, attract new investment and grow business.

Iain Gray, chief executive of TSB, added the organisation’s plan will move its aims for British innovation forward.

“The 2014-15 Delivery Plan raises the Technology Strategy Board’s ambitions to a higher level, enhancing support for UK companies through a range of targeted programmes, opening up lucrative pathways into Europe and expanding facilities and opportunities for businesses to collaborate and innovate still further.”