£39.5m investment in innovative new technologies from Technology Strategy Board

13 Oct 2009

£39.5m investment in innovative new technologies from Technology Strategy Board

Over the next six months innovative businesses across the UK will benefit from an investment of £39.5m from the government-backed Technology Strategy Board.

The business focused organisation sponsored by the Department for Business Innovation and Skills (BIS) was established in 2007 to invest in technology enabled innovation and announces the investment package today during its annual showcase event, Innovate09 at the Business Design Centre in Islington, London. At the event, the Secretary of State for Business, Innovation & Skills Lord Mandelson will encourage business to engage in the Technology Strategy Board's activities and investment process, arguing that business innovation during the downturn will help stimulate economic growth.

Between now and spring 2010 businesses across the UK, working in a broad range of sectors will be invited to enter six competitions for the government funding in the following areas: regenerative medicine, transport and logistics, agriculture and food, infectious diseases and low carbon housing.

In nearly all cases, the innovative products and solutions that the Technology Strategy Board is encouraging  business to develop will help to address some the serious challenges that the word faces, from the need to achieve large reductions in carbon emissions to the issue of food security and the need to cater for a growing and ageing population.

 All of these calls will prompt business to take innovative leaps forward and work to develop new solutions to existing challenges that in many cases may be preventing them from taking new products to market.

Chief Executive of the Technology Strategy Board, Iain Gray said:

"We work with business to encourage innovation despite the risks that this might pose. By providing investment in areas of innovation where real business opportunities lie, we not only encourage individual businesses to thrive but also contribute to the UK's overall economic prosperity

"Today's announcement gives business an insight on our investment focus over the next six months. In 2008-9 we invested in around 1,600 companies through our collaborative R&D programme and since we were established we have forged new partnerships right across the business community and the public sector making great inroads into promoting knowledge sharing and collaboration in innovation and technology. "

Over three years from 2008 to 2011 the Board is channelling more that £1bn of public funding into technology enabled innovation and as most of these investments are matched by business, will have generated a £2bn investment programme by 2011.  Ends

Issued by
Claire Cunningham,  Media Relations Manager
Technology Strategy Board.
Switchboard: +44 1793 442700
Direct line: +44 1793 442901,
Mobile: 0755 4115745
mailto:Claire.Cunningham@tsb.gov.uk.

For full press release including notes to editors please follow this link - £39.5m investment in innovative new technologies from Technology Strategy Board

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Last updated on Monday 12 October 2009 at 12:32

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