Courtesy navigation

News

November 07, 2014

£50 million funding for emerging tech firms

£50 million funding for emerging tech firmsUK business and academia are to benefit from a £50 million investment plan in emerging technologies and industries that has been launched by Innovate UK.

High potential, early stage, game-changing technologies are being targeted by the scheme, which was unveiled by business secretary Vince Cable this week.

The four-year Emerging technologies and industries strategy is intended to help UK businesses and academics to turn ground-breaking ideas into reality in seven areas: synthetic biology, energy-efficient computing, energy harvesting, non-animal technologies, emerging imaging technologies, graphene, and quantum technologies.

The plan represents a doubling of investment by Innovate UK in emerging technologies over the next four years. Its ambition is to see the UK lead the world in one or more new growth sectors from an emerging technology area. That would mean a sector generating £1 billion in turnover a year.

Iain Gray, chief executive of Innovate UK, said: “Much of Innovate UK’s funding and expertise goes to support business innovation where the commercial opportunities are well understood and the technological challenges known. But it is vital that we also look further ahead, scanning the horizon for the breakthroughs of tomorrow.”

The government has also announced funding aimed at small or micro businesses that are developing a new product or service in enabling technologies. Innovate UK is investing £2 million in a feasibility studies competition that will encourage innovation in four areas: advanced materials, biosciences, ICT and electronics, sensors and photonics.

The competition is open to any small or micro business with an innovative idea in these areas and winning projects will attract up to 75% of the costs of carrying out a feasibility study (with total project costs being up to about £33,000). The deadline for registration is 14 January 2015.

Related resources: