Funding available for SW tech businesses
The Technology Strategy Board (the UK’s Innovation Agency) has published its blueprint for growth, which outlines investments of over £400 million in British Innovation.
Businesses from across the South West are being encouraged to look at the range of specialist business support available and bid for a share of the funding on offer.
144 organisations in the South West received help or funding from the Technology Strategy Board in the last financial year.
These companies were awarded over £21 million to support their collaborative research and development projects.
Universities and Science Minister David Willetts said: “Businesses in the South West are making great use of the funding available to help develop their innovations. The region has already seen over £21 million invested during the last year, which in turn helps to generate additional investment.
“I want to see even more businesses across the region bid for funding this year and help to keep the UK at the front of the global race for technology and innovation.”
One company that received funding last year was Cinderford-based Vesarien.
The firm had just three employees four years ago now boasts 55 staff, a clutch of technology and business awards and produces a unique metallic foam that promises to revolutionise high performance electronics – due in no small part to support from the Technology Strategy Board.
Vesarien successfully applied for R&D funding, via the Smart funding scheme, allowing it to develop a prototype microchip cooler. The prototype confirmed that the revolutionary metallic foam provided ten times more efficient cooling than existing methods.
Vesarian are now leading a £560k Technology Strategy Board-funded consortium that is looking to develop ultra-efficient thermal management for use in the power modules of electric and hybrid vehicles. The company is also involved in a project looking to improve domestic air source heat pumps.
Vesarien Chief Executive Neill Ricketts said: “It’s not all about the money – the Technology Strategy Board is more than that - some of the networking events we've attended are great places for very small companies like us to meet very large companies – and it's very, very important.”
The 2014-15 Delivery Plan sets out the Board’s priorities for accelerating innovation across the UK. It outlines an ambitious blueprint for developing and nurturing the very best of British entrepreneurial talent.
Through 88 new competitions, designed to find and fund top innovative ideas, key investment areas include:
• £80 million to programs in the Healthcare sector
• £82 million to Energy
• £70 million to Transport
• £72 million to support initiatives in High Value Manufacturing
• £42 million for Digital Technologies.
Mr Willetts said: “We are global leaders in innovation and the Technology Strategy Board plays a crucial role in maintaining this, ensuring that great British ideas can be transformed into great British products.
“Innovation is booming in this country, and it is part of our long term economic plan to invest in ambitious entrepreneurs and businesses, to help them grow and succeed in the global race.”
Small businesses remain a key focus and the budget for the Small Business Research Initiative (SBRI) has been doubled to £200 million in 2014/15.
The Technology Strategy Board will introduce a new, UK-wide, SME growth programme, providing a package of skills, mentoring and coaching support, giving micro and small companies the capability to progress, attract potential investors and grow their businesses.
The Chief Executive of the Technology Strategy Board, Iain Gray, said: “The 2014-15 Delivery Plan raises the Technology Strategy Board’s ambitions to a higher level, enhancing support for UK companies through a range of targeted programmes, opening up lucrative pathways into Europe and expanding facilities and opportunities for businesses to collaborate and innovate still further.”
To help match top innovators with possible investors there will also be a new online platform, developed in partnership with the British Business Bank and the UK Business Angels Association. This will to showcase innovative companies to potential investors.
A further partnership - with the International Property Office (IPO) and UK Trade & Investment (UKTI) will help small businesses access intellectual property and export advice.
