Member Article

Region’s innovators to share in £400 million boost for British enterprise

The Technology Strategy Board - the UK’s Innovation Agency- has published its blueprint for growth, which outlines investments of over £400 million in British Innovation.

Businesses from across the North West are being encouraged to look at the range of specialist business support available and bid for a share of the funding available.

160 companies in the region were awarded a total of £14 million last year to support collaborative research and development projects.

Universities and Science Minister David Willetts said: “Businesses in the North West are making great use of the funding available to help develop their innovations. The region has already seen £14 million invested during the last year, which in turn helps to generate additional investment.

“I want to see even more businesses across the region bid for funding this year and help to keep the UK at the front of the global race for technology and innovation.”

One company that has enjoyed significant growth thanks to funding from the Technology Strategy Board is Aimes Grid Services, a Liverpool data services company that exploits opportunities presented by the digital economy.

The funding allowed them to develop a range of other projects, including an internet TV platform – and the company has now won the local Liverpool TV licence from OFCOM.

Aimes Grid Services has a number of private and public sector clients including Novartis, Park Group Plc, Liverpool Heart and Chest Hospital, NHS Foundation Trust and the European Space Agency.

With turnover now in excess of £3 million and a growing workforce, Aimes Grid Services predicts that around 50% of its revenue this year will be generated by projects and services it has developed with the support of the Technology Strategy Board.

Professor Dennis Kehoe, Chief Executive of Aimes Grid Services, said: “Working with the Technology Strategy Board is not just about the money. What they have done is bring together a UK gene pool of digital innovators and entrepreneurs.

“I have met more good people through this in the last three years than I have in the last 30 years, and I now liaise with a lot of high-calibre people across the country. I would not have met any of them if I had not been involved in Technology Strategy Board projects.”

Clive Drinkwater, Regional Director, UKTI North West, said: “UK Trade & Investment realise the value of innovative companies and entrepreneurs when it comes to growing the economy.

“This announcement is fantastic news and I would strongly encourage local innovators to apply for a share of the funding to grow their business and become tomorrow’s success stories”.

The 2014-15 Delivery Plan sets out the Board’s priorities for accelerating innovation across the UK. It outlines an ambitious blueprint for developing and nurturing the very best of British entrepreneurial talent.

Through 88 new competitions, designed to find and fund top innovative ideas, key investment areas include:

· £80 million will go to programs in the Healthcare sector

· £82 million to Energy

· £70 million to Transport

· £72 million to support initiatives in High Value Manufacturing

· £42 million for Digital Technologies.

Amongst the funding announcements today, are the launch of two new catapult centres – in Precision Medicine and Energy Systems- and the establishment of new offices in Brussels to champion British Innovation abroad.

David Willetts said: “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.

“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 and the budget for the Small Business Research Initiative (SBRI) has been doubled to £200 million in 2014/15.

The Technology Strategy Board will introduce a new, UK-wide, SME 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 Chief Executive of the Technology Strategy Board, Iain Gray, said: “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.”

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 to showcase innovative companies to potential investors.

A further partnership - with the International Property Office (IPO) and UK Trade & Investment (UKTI) will help small businesses access intellectual property and export advice.

This was posted in Bdaily's Members' News section by Simon Malia .