The package is made up of a series of competitions run by the UK’s innovation agency Innovate UK and its partner organisations. The funding will support the very best innovative projects in sectors where there is very high potential for growth in the UK economy, and builds on excellent research carried out by the UK’s world leading science base.
The Business Secretary announced the new funding competitions at the first inter-ministerial group on business engagement which brought ministers across Government to discuss issues and challenges facing businesses in all sectors, and how Government could support them following the outcome of the EU referendum.
Business Secretary Sajid Javid said: “Creating opportunities for businesses to thrive in the UK is essential for increasing productivity, creating jobs, and boosting our economy. That’s why Government is working with businesses across all sectors to ensure they have the support they need to grow now and in the future.
“Part of our success will be to help propel innovative UK business even further – not only do our world-leading innovators and research base attract foreign investment, their ideas go on to improve the lives of millions of people.
"Whether tackling climate change or cancer, this new funding will help get the best ideas onto the market quicker and shows our commitment to make the UK the best place in Europe to innovate, set up and grow a business.”
Chief Executive of Innovate UK, Dr Ruth McKernan said: “Innovative businesses right across the country that have been supported by Innovate UK are helping to address some of the biggest challenges the world faces. From reducing carbon emissions, to tackling anti-biotic resistance or developing the very latest quantum technologies these firms are taking risks, trying new ideas and growing our economy in the process. Our new competitions promise to get some of the very best ideas off the drawing board and closer to market.”
The package of competitions will open over the next two weeks and include:
• Two competitions totalling £28 million for innovation that will lead to affordable, sustainable and secure energy delivery, integration of different modes of transport or tackle the challenges of modern urban living. This funding will develop new ideas and support the first use of those new products to help businesses secure customers, investment and growth.
• The joint £10 million Biomedical Catalyst 2016 competition between Innovate UK, the Medical Research Council and Scottish Enterprise. It builds on the successful catalyst programme-to develop innovative healthcare technologies and processes that will help offer potential cures, prevent disease, manage chronic conditions or lead to earlier detection and diagnosis.
• A £19.5 million joint competition with the Engineering and Physical Sciences research council to help companies to explore the commercial applications for Quantum Technologies. This competition is a part of the world-leading £270 million UK programme for quantum technologies, and helps companies identify and develop the future uses of quantum clocks, sensors, imaging, communications networks or computers.