Small companies to share £2.5 million new government investment to develop industrial biotechnology

11 Mar 2010

The government announced today that it is to invest £2.5 million to stimulate innovation in the UK's industrial biotechnology sector, with most of the funding going to small and medium-sized companies.

The investment will be made in nineteen feasibility studies, all of which will be led by small and medium-sized British companies. A total of nearly 40 organisations, including many universities, will take part in the studies and receive financial support. The funding, from the Department for Business, Innovation and Skills (BIS), follows the conclusion of a funding competition managed on behalf of BIS by the Technology Strategy Board.

The funding for the feasibility studies was announced today by Ian Lucas MP, Minister for Business and Regulatory Reform, during a visit to the Centre for Process Innovation in Wilton, Teesside. The Business Minister said:

"These projects have a licence to innovate. They will look at how industrial biotechnology can be competitively applied to the production of high value chemicals. These could replace petrochemical-derived products, or use micro-organisms to create bio-based products to improve health and nutrition. But with nearly 40 businesses, universities and research organisations getting their heads together, we can guarantee some fascinating results."

Commenting on the results of the investment funding competition, Merlin Goldman, the Technology Strategy Board's Lead Technologist for the Biosciences, said:

"We were delighted by the high quality of applications received. With nearly two-thirds of commercial innovation stemming from small companies, they are a vital source of wealth-generating new products, materials and processes. Many small companies working in this sector have great ideas, but lack the funds and facilities to enable them to carry out the important development and demonstration feasibility work required.

"We anticipate that the results of these feasibility projects will lead to commercial-scale activities within 1 to 2 years."

Applications addressed by the feasibility studies may relate to, for example, novel bio-based products to improve health and nutrition, as well as energy and water usage, and bio-based chemicals and materials to make a wide range of products such as medical devices, paints and personal care items.

Due to the high quality of the proposals to be funded, it is expected that a high proportion of the SMEs leading the projects will succeed in demonstrating the technical feasibility of their ideas. These companies are then likely to seek additional investment, from the Technology Strategy Board or other sources, to demonstrate the technical and economic feasibility of their processes on a commercial scale. (Ends)

For full press release including notes to editors, please follow this link.

Companies and other organisations seeking further information about this and other funding competitions should visit the Competitions page of the Technology Strategy Board website - www.innovateuk.org, email support@innovateuk.org or phone the helpline on 0300 321 4357.

Issued by
Nick Sheppard, Media Relations Consultant
Technology Strategy Board
Mobile: 07724 241214
Email :nick.sheppard@tsb.gov.uk

Additional contact
Claire Cunningham, Media Relations Manager
Technology Strategy Board
Switchboard: 01793 442700
Direct line: 01793 442901
Mobile: 07554 115745
Email: claire.cunningham@tsb.gov.uk

 

 

Last updated on Monday 02 August 2010 at 12:15

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