New opportunities to help innovative businesses grow
A series of initiatives to promote growth amongst businesses was announced today by the UK’s innovation agency.
On the day when the Prime Minister visited London’s Tech City, the home of a large group of innovative digital businesses, the Technology Strategy Board announced at least three new Launchpad competitions next year to encourage the growth of specialist clusters. Tech City was the setting for the first of these Launchpads in 2011.
The new competitions, with funding of £1 million each, will include a second Tech City Launchpad, with a focus on digital companies further into East London; healthcare technologies in Wales and manufacturing (process industries) in the North East.
The Technology Strategy Board also announced that it will run separate RD funding competitions in three specific digital/computing technologies, with up to £12.5 million available for businesses across the UK.
Competitions will address issues in data exploration, the ‘internet of sensors’ and enabling people to securely use their own equipment at work.
The Chief Executive of the Technology Strategy Board, Iain Gray, commented:
“The Tech City Launchpad has made a significant impact in supporting this thriving cluster of SMEs and helping to build networks, and we’ve followed this success with similar schemes in other locations and technologies. We are determined to develop the model further with at least three new Launchpads in 2014.
“We will also be running RD competitions in digital and computing technologies that will help UK businesses stay ahead in these important sectors and gain a share of the large global market available.”
The Technology Strategy Board has allocated £5 million to Launchpad clusters in: materials and manufacturing (around Daresbury and Runcorn in the North West), space and satellite applications (Harwell), digital technologies (Glasgow), motorsports (in and around Oxfordshire and Northamptonshire), creative and digital (Greater Manchester) and cyber security (Severn Valley).
The 2011 Tech City Launchpad supported 13 projects, including companies that now reach out to international markets. For examples please see our Success Stories at https://www.innovateuk.org/success-stories
