UK govt earmarks £440 mn for technological innovation

The UK's innovation agency, the Technology Strategy Board (TSB), said yesterday that it has a record £440-million ($670 million) war chest to stimulate and support business-led innovation in order to drive economic growth across the country.

The funding for 2013-14 is 13 per cent or £50 million over last year's £390 million.

Over 60 per cent of the funding will go to small and medium enterprises (SMEs) that will help to ease the credit pressure from the banking sector.

TSB, established by the government, functions as a non-departmental public body and is funded by the UK's department of business innovation and skills (BIS). It works across businesses, academia and government, helping companies to transform ideas from concept to commercialisation and according to research data, provides a seven-fold return to the UK economy for every £1 invested.

The UK's universities and science minister David Willetts said, ''The UK has some of the most innovative business in the world. The £440 million budget means that there will be more funding available than ever before for businesses across the country to bid for and help turn their ideas into reality – bridging the so called valley of death.''

On TSB's delivery plan, the board's chief executive 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.''

''This delivery plan outlines the range of ways in which we do that, from direct funding through to access to expertise, facilities and finance," Gray added.

It will also open up opportunities for UK innovation to access wider, global markets such as India, China and Brazil through its missions, involvement in EU programmes and bilateral agreements with other countries.

The delivery plan for the current year envisages investments of over £300 million through 75 new competitions that will help fund innovative projects across the economy.

About to £68 million will go to the healthcare sector, £63 million to high value manufacturing, £47 million to digital economy, £35 million to energy, £35 million to transport, £21 million to space applications, £16 million to built environment, and £14 million to food sector.

Particular area of attention will be on better disease detection, prevention and management, integration of new materials and processes, sustainable, secure and affordable energy, integrated farming systems, low carbon transport systems, future cities, resilient and interoperable digital systems, satellite data and space-based satellite systems etc.

SMEs remain a key focus, with a number of support mechanisms. The budget for small business research initiative (SBRI) will be increased to £100 million in the current year which will be doubled to £200 million next year.

The TSB will also continue to invest in the national network of catapults-centres of technology and innovation that will transform the UK's ability to create new products and services in priority areas and drive future economic growth.

It will also develop world leading centres of innovation and expertise where companies large and small can use state-of-the-art equipment and technologies to develop new products and services.