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Fund created for innovative SMEs

Dec 08 2011

Innovative companies are the focus of the Innovation and Research Strategy for Growth

High-tech small businesses are set to benefit from a £75 million government investment as part of a plan to boost economic growth.

The Innovation and Research Strategy for Growth, launched by business secretary Vince Cable and minister for universities and science David Willetts, hopes to give high-tech innovative companies better access to the facilities and finance they need to develop and commercialise products.

The money will be provided to the Technology Strategy Board (TSB), which in turn runs grant competitions for businesses and claims to ‘stimulate technology-enabled innovation in the areas which offer the greatest scope for boosting UK growth and productivity’.

A further £25 million is being earmarked to help companies develop large-scale prototypes that will showcase their ideas to potential investors.

Other features of the Strategy include a new innovation vouchers scheme delivered by the TSB that will give small and medium-sized businesses (SMEs) the opportunity to get free academic support from colleges and universities.

Also, there will be a doubling of the size of the Designing Demand Programme, a mentoring programme run by the Design Council to help SMEs deliver improved products, services and brands to enhance their growth potential, by £650,000 to £1.3 million a year.

Cable says, ‘The UK has renowned universities and research institutes and a proud record of invention – from the creation of life-saving medicines to the development of the internet. This strategy builds on our strengths by setting out how we will work with businesses and research bases to underpin private sector led growth.

‘We recognise that by improving the incentives for companies to innovate they will continue to create life changing products to drive future innovation and growth.’

Willetts adds, ‘Our new innovation and research strategy is the next step in ensuring the UK provides the best possible environment for entrepreneurs and innovators.’

For more information, about the Technology Strategy Board visit the website here.

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