For firms in the renewable energy, future cities, advanced materials, satellites, digital technologies and healthcare industries, a boon from BIS. There is £440m in the kitty to help them to grow.
This is a £50m increase on the Technology Strategy Board's budget for 2012, and will be funnelled directly into innovation, knowledge-sharing and collaboration, according to a statement from BIS.
Over 60% of the funding will go to small and medium sized businesses, helping to ease the clogged credit pipeline from the banking sector.
Universities and Science Minister David Willetts says, 'The UK has some of the most innovative business in the world. The £440m budget means that there will be more funding available than ever before for businesses across the country to bid for and help turn their ideas into reality – bridging the so called ‘valley of death’.'
Indeed, the Technology Board has a pretty decent investment record so far, with every £1 of funding returning £7 to the UK economy. Technology Strategy Board CEO Iain Gray, says, 'Everything we do is driven by the desire to help UK business bring new ideas and technologies to market and so support economic growth.'
Of course, with 2.08 million businesses operating in the UK, £440m is just a drop in the ocean. But until the long-awaited recovery arrives, every little helps...