Technology Strategy Board announces record £440 million funding to boost innovation in the UK

Innovative companies in the UK will have access to a record £440 million of funding this year as the Technology Strategy Board steps up its commitment to driving economic growth. The investment was confirmed this week by Universities and Science Minister David Willetts and represents an increase of more than £50 million year on year.

Technology companies stand to benefit most from the investment, which is aimed at initiatives including renewable energy, future cities, advanced materials, satellites, digital technologies and healthcare. Some 60% of the funding will be directed to SMEs.

“The UK has some of the most innovative businesses in the world,” said Willetts. “The £440 million budget means that there will be more funding available than ever before for companies across the country to bid for and help turn their ideas into reality.”

Working in close partnership with businesses, universities and government, the Technology Strategy Board helps firms to commercialise innovative ideas. Alongside the increased funding, it plans to help businesses overcome challenges such as access to finance, knowledge, skills and equipment. It also aims to create opportunities for UK innovators within global markets such as India, China and Brazil.

Commenting on the news, the Chief Executive of the Technology Strategy Board, Iain Gray, said: “Everything we do is driven by the desire to help UK business bring new ideas and technologies to market and so support economic growth.”

More than £300 million will be invested in innovative projects through 75 new competitions, while companies will also be able to access the funding through a wide range of tools and programmes.

For more on this story or to enquire about how to access the new funding, please visit www.innovateuk.org.