Chancellor George Osborne has announced a £185m budget increase for the Technology Strategy Board to build on existing support programmes and support economic growth.
The funding will see established, successful business support programmes benefit from the budget increase and new programmes are set to be developed.
Areas set to benefit include the Biomedical Catalyst, additional support for innovations in energy and biotechnology and the network of Catapult centres.
Universities and Science Minister David Willetts said: “The increase in funding for the Technology Strategy Board recognises the essential work they are doing to support innovative businesses commercialise their products and get them into the market place.
“Programmes such as Smart, the Biomedical Catalyst and Catapult centres are keeping the UK at the front of the global race to commercialise new technologies, driving the growth agenda and playing an important role in our industrial strategy.”
Welcoming the chancellor’s announcement, Iain Gray, CEO of the Technology Strategy Board said: “UK business will benefit greatly from this announcement as we will be able to increase the impact we already have on helping to generate UK economic growth.”
Over half of our funding goes to SMEs and this financial endorsement of our focussed, business-led approach will allow us to continue to bridge the gap between concept and commercialisation, helping the innovations of today become the commercial successes of tomorrow.”