Investment of just over £80m in innovative technologies announced at Innovate09

13 Oct 2009

Investment of just over £80m in innovative technologies announced at Innovate09

Business innovation in the UK receives a boost today as the Government-backed Technology Strategy Board announces an investment of £82.5m in the development of innovative new technologies.

 Speaking at the Technology Strategy Board's annual showcase event, Innovate09, the Secretary of State for Business, Innovation & Skills, Lord Mandelson, will encourage business to engage with the Board, arguing that innovation during the downturn is essential to stimulate future economic growth.

Lord Mandelson said:

"In difficult times it's crucial that we capitalise on economic opportunities and invest in our future. That's why the Technology Strategy Board prioritises investments in expertise and technologies that offer prospects for growth or address major challenges.

"Between now and next spring, businesses across the UK will be invited to compete for £39.5m of government funding for R&D in fields such as regenerative medicine, transport and logistics, agriculture, infectious diseases and low carbon housing. Driving innovation in these areas where the UK has strength and competitive advantage,will speed our recovery and help deliver a strong economy coming out of the global downturn."

In addition, the Board will announce the creation of a new ‘Innovation Platform' in Sustainable Agriculture and Food. This will bring business, government and academia together to focus on innovative solutions to the challenge of food production and its environmental impact. The Technology Strategy Board will invest up to £50m in this programme over the next five years, and other organisations , including Defra and the Biotechnology and Biological Sciences Research Council (BBSRC), will also make significant contributions.

Chairman of the Technology Strategy Board, Dr Graham Spittle said:

"This year we are placing particular emphasis on innovation in the critical areas of energy, low carbon technologies, life sciences and the digital economy. As part of our thinking we have also been working with business to develop forward-looking innovation strategies for many key sectors. Five of these strategies are being published for the first time today - looking at nanoscale technologies, medicines and healthcare, biosciences , resource efficiency and emerging technologies. We are looking forward to working with business to realise the growth opportunities which these reviews have identified." 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 - Investment of just over £80m in innovative technologies announced at Innovate09

 

Last updated on Friday 30 July 2010 at 14:27

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