A £75 million boost for high tech small and medium sized businesses is part of a package of measures announced today in the Government’s new Innovation and Research Strategy for Growth.
The strategy, launched by Business Secretary Vince Cable and Minister for Universities and Science David Willetts, sets out the Government’s plans to boost economic growth through investment in research and innovation across the UK.
Key actions include:
- £75 million of new government investment for the Technology Strategy Board to give high tech innovative businesses better access to the facilities and finance they need to develop and commercialise products.
- £25 million to help companies develop large scale prototypes that will showcase their ideas to potential investors.
Piloting a new innovation vouchers scheme delivered by the Technology Strategy Board that will give SMEs the opportunity to get free academic support from colleges and universities.
Supporting SMEs by doubling the size of the Designing Demand Programme by £650,000 to £1.3 million a year. This is a mentoring programme run by the Design Council to help SMEs deliver improved products, services and brands to enhance their growth potential.
Working with the National Endowment for Science, Technology and the Arts (NESTA), to establish a Centre of Expertise for running innovation inducement prizes, and a new Innovation Prize Fund, in which we will invest £250,000 a year.
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