Press release

£400 million to fund growth of British innovation

The Technology Strategy Board - the UK’s innovation agency - has today (1 July 2014) published its blueprint for growth.

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

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The Technology Strategy Board (TSB) - the UK’s innovation agency - has today (1 July 2014) published its blueprint for growth, which outlines investments of over £400 million in British innovation.

The 2014-15 Delivery Plan sets out the Board’s priorities for accelerating innovation across the UK. It outlines an ambitious plan for developing and nurturing the very best of British entrepreneurial 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

Amongst the funding announcements today, are the launch of 2 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:

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.

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.

Small businesses remain a key focus for the TSB and along with continued strong support for small and medium enterprises through Smart, The Small Business Research Initiative (SBRI) and other programmes.

The Technology Strategy Board will introduce a new, UK-wide, small and medium-sized business growth programme, providing a package of skills, mentoring and coaching support, giving micro and small companies the capability to progress, attract potential investors and grow their businesses.

The Chief Executive of the Technology Strategy Board, Iain Gray, said:

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.

To help match top innovators with possible investors there will also be a new online platform, developed in partnership with the British Business Bank and the UK Business Angels Association. This will showcase innovative companies to potential investors.

A further partnership - with the International Property Office and UK Trade and Investment will help small businesses access intellectual property and export advice.

Notes to editors:

  1. The Technology Strategy Board Delivery Plan can be found at Financial Year 2014-15
  2. The Technology Strategy Board is the UK’s innovation agency. Its goal is to accelerate economic growth by stimulating and supporting business-led innovation. Sponsored by the Department for Business, Innovation and Skills (BIS), the Technology Strategy Board brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy. For more information see www.innovateuk.org.
  3. Catapult Centres: Now 7-strong, the Technology Strategy Board’s network of Catapult Centres are already playing a key role in commercialising ‘high potential’ ideas. This year will see the establishment of two new Catapult centres - focussing on energy systems and precision medicine.
  4. Industrial Strategy gives impetus to the plan for growth by providing businesses, investors and the public with clarity about the long-term direction in which the government wants the economy to travel. The first achievements and future priorities of the industrial strategy have been published and can be found at Industrial strategy: early successes and future priorities.
  5. For more information, contact Rod Alexander in the Technology Strategy Board Media Relations Team. Email: rod.alexander@tsb.gov.uk tel: 07500 051101 For the latest news on everything happening at the Technology Strategy Board, follow us on Twitter @TSBpressoffice
Published 1 July 2014