£75 million boost for high tech small and medium sized businesses
The government announced a £75 million boost for high tech small and medium sized businesses as part of a package of measures launched for the Government’s new Innovation and Research Strategy for Growth.
The key actions announced include:
* £75 million of new government investment for the Technology Strategy Board to give high tech innovative businesses better access to the facilities and finance they need to develop and commercialise products.
* £25 million to help companies develop large scale prototypes that will showcase their ideas to potential investors.
* Piloting a new innovation vouchers scheme delivered by the Technology Strategy Board that will give SMEs the opportunity to get free academic support from colleges and universities.
* Supporting SMEs by doubling the size of the Designing Demand Programme by £650,000 to £1.3 million a year. This is a mentoring programme run by the Design Council to help SMEs deliver improved products, services and brands to enhance their growth potential.
* Working with the National Endowment for Science, Technology and the Arts (NESTA), to establish a Centre of Expertise for running innovation inducement prizes, and a new Innovation Prize Fund, in which the government will invest £250,000 a year.
The Innovation and Research Strategy for Growth can be found on the BIS website, http://www.bis.gov.uk
For additional information please visit http://www.innovateuk.org
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