Innovate UK's £1m fund to help commercialise IoT hardware

Project with R/GA Media Group and Startupbootcamp to help companies take IoT products to market

Innovate UK has announced two new programmes that will support 20 UK companies to develop Internet of Things (IoT) hardware and accelerate its commercial application.

The department has appointed US digital marketing company R/GA Media and industry focused start-up accelerator Startupbootcamp to run the new programmes.

The appointments are part of the UK government-funded IoTUK programme that aims to help business and the public sector to develop IoT capability, particularly in areas such as security and trust, data interoperability, investment justification and design development.

R/GA Media Group and Startupbootcamp will provide advice and finance and business support services to help businesses to bridge the gap between development of a prototype and market viability.

The Department for Culture, Media and Sport is investing almost £1 million through Innovate UK and R/GA and Startupbootcamp and their investors will bring in additional investment.

Innovate UK’s head of emerging and enabling technologies Paul Mason said: “The jump from prototype to commercial viability is perhaps the most challenging in any area of business. This carefully targeted funding will help to ensure that UK companies are better placed to take advantage of the rapidly developing Internet of Things market opportunities.”

Matthew Hancock, minister of state for Culture and the Digital Economy, said: “This latest funding boost will help companies bring their fledgling Internet of Things ideas to market and take advantage of emerging global opportunities.”