Businesses will have access to grants through competitions
The UK government’s Technology Strategy Board (TSB) has set aside £400 million to help companies commercialise new technologies in the 2014–15 financial year.
The TSB, which was set up in 2007 to create economic growth by supporting innovation in UK businesses, has released its delivery plan for 2014–2015, which includes £400 million that will be made available to companies through competitions. The cash will be divided up between priority areas such as healthcare, energy and transport.
The TSB also plans to focus more on supporting small and medium enterprises (SMEs), and has said it will increase financial support available to these by £10 million this year. In addition, two new Catapult centres – in precision medicine and energy systems – will join the seven already established, and a third, which is slated to focus on replacing animals in research, is being considered.