Government Announces £75m Technology Fund for SMEs
The Government is to create a new £75 million fund to encourage small and medium-sized enterprises to invest in technology and innovation.
The announcement was made alongside details of a range of measures designed to encourage growth as part of the Government's new Innovation and Research Strategy report, which states that technology funding will be delivered by the Technology Strategy Board.
Iain Gray, Chief Executive of the Technology Strategy Board, said: "A good deal of the innovation that happens in the UK comes from SMEs and with innovation comes business growth.
"This new package of measures will help to put these businesses at the forefront of the country's economic recovery. This package enables the Technology Strategy Board to do even more to stimulate business-led innovation in its leading role as the UK's innovation agency."
In addition to the new fund, the Board also plans to encourage collaboration between SMEs and research organisations, such as universities, using a voucher scheme.
There will also be additional funding available to the Smart scheme, which provides finance to SMEs engaging in research and development projects with the aim of producing new services or products.
The report also suggests the Government will help SMEs grow with additional funding to the Small Business Research Initiative (SBRI), which encourages uptake of public sector contracts by SMEs and helps them become more accustomed with the procurement process.
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