U.K. innovation to get £2 billion boost - Embedded.com

U.K. innovation to get £2 billion boost

LONDON — Innovation in the U.K. should gets a £2 billion boost over the next three years according to the 'Connect and Catalyse – a strategy for business innovation' strategic plan from the Technology Strategy Board.

The TSB and its partners will invest over £1 billion during next three years, generating a further £1 billion of private sector investment.

The TSB's chief executive Iain Gray said the board will increase its focus on challenge-led innovation and helping business find opportunities in societal challenges such as climate change and the ageing population; double the number of Innovation Platforms (from five to ten),develop strategies in key market application areas representing major societal or economic challenges to the U.K. and develop and implement a strategy to promote the rapid commercialization of emerging technologies and industries.

The number of Knowledge Transfer Partnerships will double and their flexibility increased and there will be a strategic review of Knowledge Transfer Networks and a reinforcement and extension of their role. A reformed Small Business Research Initiative will be piloted and work carried out to maximize the positive impact of government procurement on innovation.

The TSB will working with the Regional Development Agencies, Devolved Assemblies and Research Councils on the investment.

“Innovation will be the key to some of the biggest challenges facing our society, like global warming and sustainable development. We need to ensure that Britain contributes to the innovative solutions and that British business and the British people benefit from the new opportunities and prosperity they create,” said John Denham, Secretary of State for Innovation, Universities and Skills.

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