News story

Boosting UK's world-leading innovation

£400 million investment into British innovation includes a series of measures to fund and find top innovative ideas.

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

Innovation graphic: iStock ©ymgerman

The Technology Strategy Board (TSB) has published its 2014 t 2015 Delivery Plan. It outlines an ambitious plan for developing and nurturing the very best of British entrepreneurial talent.

88 new competitions, designed to find and fund top innovative ideas, 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

Also announced, are the launch of 2 new Catapult Centres in precision medicine and energy systems and the creation of a permanent presence in Brussels to promote 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-sized businesses through Smart, the Small Business Research Initiative (SBRI) and other programmes.

The TSB 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 TSB, Iain Gray, said:

The 2014 to 2015 Delivery Plan raises the TSB’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 bring together 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.

Published 3 July 2014