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TSB outlines £400m funding for British innovation growth

02 July 2014

The Technology Strategy Board (TSB) has published its blueprint for growth, which outlines investments of over £400m in British innovation.

The 2014-15 Delivery Plan sets out the TSB’s priorities for accelerating innovation across the UK. Through 88 new competitions, designed to find and fund top innovative ideas, key investment areas include £82m for energy, £80m for programmes in the healthcare sector, £72m  to support initiatives in high value manufacturing, £70m to transport and £42m for digital technologies.

Among the funding announcements are the launch of two new Catapult Centres - in precision medicine and energy systems - and the establishment of a permanent presence in Brussels to champion British innovation abroad.

"We are global leaders in innovation and the Technology Strategy Board plays a crucial role in maintaining this, ensuring that great British ideas can be transformed into great British products," says science minister, David Willetts. "Innovation is booming in this country, and it is part of our long term economic plan to invest in ambitious entrepreneurs and businesses, to help them grow and succeed in the global race."

Small businesses remain a key focus for the TSB and along with continued strong support for small and medium enterprises through Smart, The Small Business Research Initiative (SBRI) and other programmes.

The Technology Strategy Board intends to introduce a new, UK-wide, small and medium-sized business 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.

"The 2014-15 Delivery Plan raises the Technology Strategy Board’s ambitions to a higher level, enhancing support for UK companies through a range of targeted programmes, opening up lucrative pathways into Europe and expanding facilities and opportunities for businesses to collaborate and innovate still further," says TSB chief executive, Iain Gray.

To help match top innovators with possible investors there will also be a new online platform, developed in partnership with the British Business Bank and the UK Business Angels Association. This will showcase innovative companies to potential investors.

A further partnership - with the Intellectual Property Office and UK Trade and Investment will help small businesses access intellectual property and export advice.

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