Yorkshire businesses urged to bid for share of £400m fund
THE Technology Strategy Board – the UK’s Innovation Agency – has published its blueprint for growth, which outlines investments of over £400m in British Innovation.
Businesses across Yorkshire and the Humber are being encouraged to look at the range of specialist business support available and bid for a share of the funding.
A total of 94 regional organisations received help/funding in the last financial year, securing more than £11m to support their collaborative research and development projects.
Universities and Science minister David Willetts said: “Businesses in Yorkshire and the Humber are making great use of the funding available to help develop their innovations. The region has already seen over £11m 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 Leeds company that has previously received funding from the Technology Strategy Board is now a global £30m business.
The company’s CEO says that none of their success would have been possible without the backing.
RSLSteeper manufactures a prosthetic hand that uses miniature motors for each individual digit, providing fully articulated fingers, thumb and a wrist that can wrap around any shape.
The product’s journey started with RSLSteeper’s successful application for collaborative R&D funding, which saw it lead a consortium of five companies to develop a prosthetic hand more like its human equivalent than any other.
Now with 400 employees in the UK and the US, the company is developing additional models more suited to women and younger people, as well as refining the technology.
Stephen Parker, vice-president at Steeper USA said: “None of this would have been possible without the initial backing of the Technology Strategy Board. We wouldn’t be where we are now without it.”
The 2014-15 Delivery Plan sets out the 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:
• £80m will go to programs in the Healthcare sector
• £82m to Energy
• £70m to Transport
• £72m to support initiatives in High Value Manufacturing
• £42m for Digital Technologies
Amongst the funding announcements, are the launch of two new catapult centres – in Precision Medicine and Energy Systems – and the establishment of new offices in Brussels to champion British Innovation abroad.
Willetts added: “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 £200m 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.”
