Companies urged to check support opportunities

A longer term view on assistance for businesses from the UK’s innovation agency, aims to ensure that companies have all of the information needed to access support from the Technology Strategy Board. Information on the InnovateUK website* highlights how up to £250m of new Government investment in around 60 competitions will lead to innovation projects and programmes designed to stimulate business growth.

Welcoming the news Business Secretary Vince Cable said:
"Innovation is a key part of our plan for growth and the Technology Strategy Board is actively supporting industries where the UK is one step ahead of the competition. We already have some great industrial success stories, like our aerospace, energy and healthcare industries where innovations have been effectively translated into commercial use. I want to encourage this in other sectors. That is why the network of Catapult centres, in particular the High Value Manufacturing Catapult, will give a big boost to supporting research and development that is aligned with strategic commercial objectives, strengthening our economy."

Universities and Science Minister David Willetts also added:
“We are determined to maintain and strengthen our world leading position in science, innovation and research - that's why the Government is investing £250m through the Technology Strategy Board to develop new and existing products and services. The Technology Strategy Board are experts in supporting innovative businesses, and hopefully by setting out the opportunities available in the coming months, more firms will decide to compete for investment.”

TSB Chief Executive Iain Gray said:
“The Technology Strategy Board is now in a position where it can provide a detailed longer term view on plans about new investment in priority areas, giving businesses up front information about some of the important new opportunities that we are making available up until March 2013.”
 

The new plans are split into 12 thematic areas for investment and include five that address global challenges: energy, healthcare, built environment, food and transport.
 

The Delivery Plan also outlines a package of support for high potential SMEs, including a commitment to double the funding for this year for the Smart programme, a popular single company grant funding scheme. Around 70% of recipients of Smart awards are micro companies and over half are younger than five years old.
 

*Further details from www.innovateuk.org