UK business given long-term view of future funding

Published on Wednesday, 11 July 2012 11:55
Posted by Scott Buckler

UK business is to gain clear insight on upcoming funding support opportunities, from the UK's innovation agency, the Technology Strategy Board (TSB)

Owing to new information published today, UK companies, including those in the automotive sector, can see how up to £250 million of new government investment will lead to innovation projects and programmes designed to stimulate business growth.

The aim of the newly published detail is to ensure that businesses have all of the information they need to make sufficient plans to access new government support from the TSB.

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."

Universities and Science Minister David Willetts added, "We are determined to maintain and strengthen our world leading position in science, innovation and research – that's why the government is investing £250 million 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, including transport, energy, healthcare, built environment, and food.

The Delivery Plan also outlines a package of support for SMEs operating in the UK and discusses the ongoing activity to establish seven new 'Catapult' centres across the country by 2013.

Source: ©SMMT

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