NEWS: Technology Strategy Board's £400 million boost to UK's Innovators

£400 million boost to UK Innovators

The Department for Business, Innovation and Skills announced on 3 July 2014 the release of the Technology Strategy Board’s (TSB) ambitious £400 million plan “for developing and nurturing the very best of British entrepreneurial talent".

There will be 88 competitions to channel the funds to the following areas:

• ¬£82 million to Energy

• ¬£80 million will go to programmes in the health sector

• ¬£72 million to support initiatives in high value manufacturing

• ¬£70 million to transport

• ¬£42 million for digital technologies

David Willetts, the Universities and Science Minister said:

We are global leaders in innovation and the Technology Strategy Board plays a crucial role in maintaining this, ensuring that great British ideas can be transformed into great British products.

To encourage the promotion of British innovation two new Catapult Centres in precision medicine and energy systems will be launched.  Whilst the creation of a permanent presence in Brussels will further advance British innovation abroad.

The TSB will introduce a new UK-wide small and medium-sized business growth programme to provide a package of skills, mentoring and coaching support.   Furthermore, they will provide links with partners in the public and private sectors to help shape and guide the UK innovation systems.

Additionally, a new online platform (developed in partnership with the British Business Bank and the UK Business Angels Association) will showcase top innovators to potential investors.

The goal is that by developing a wide range of activities and programmes to encourage economic development and stimulate business-led innovation any outstanding challenges can be tackled head on.

The Chief Executive of the TSB, Iain Gray, said:

The 2014 to 2015 Delivery Plan raises the TSB 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.