Funding plans to grow innovation

David Willetts

David Willetts

First published in Business news
Last updated

A FUNDING pot of £400 million has been set aside to aid growth in British Innovation.

The UK's innovation agency The Technology Strategy Board, yesterday published its blueprint for growth, which outlines investments of more than £400 million in British Innovation.

Businesses across Yorkshire and the Humber are being encouraged to look at the range of specialist business support available and bid for a share of the funding.

Universities and Science Minister David Willetts said: "Businesses in Yorkshire and the Humber are making great use of the funding available to help develop their innovations.

"The region has already seen more than £11 million invested during the last year, which in turn helps to generate additional investment.

"I want to see even more businesses across the region bid for funding this year and help to keep the UK at the front of the global race for technology and innovation."

The 2014-15 Delivery Plan sets out the Board’s priorities for accelerating innovation across the UK.

Through 88 new competitions, designed to find and fund top innovative ideas, key investment areas include:

• £80 million will go to programs in the Healthcare sector

• £82 million to Energy

• £70 million to Transport

• £72 million to support initiatives in High Value Manufacturing

• £42 million for Digital Technologies.

The Technology Strategy Board will also introduce a new, UK-wide, SME 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.

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