The Technology Strategy Board (TSB), the UK’s innovation agency, has been given a record £440m budget to support innovative businesses and drive growth across the UK. The funding boost represents an increase of over £50m from last year. Technology areas that will benefit from the investment include renewable energy, future cities, advanced materials, satellites, digital technologies and healthcare. The TSB also aims to expand opportunities for UK innovation to access big foreign markets in India, China and Brazil through trade-missions, involvement in EU programmes and bilateral agreements with other countries.
A delivery plan, set out by the TSB, has made commitments to invest over £300m through 75 new competitions that will help fund innovative projects across the economy. Some £55m will go to programmes in the Healthcare sector, £25m to Energy, £20m to Transport and £25m to support initiatives in High Value Manufacturing.