Engineering news
Innovate UK will use £561 million to bolster pioneering output from SMEs over the next 12 months, it has announced.
In order to support productivity and growth the innovation agency has set out a strategy for 2016 to 2017. This includes initiating clearer funding programmes, streamlining the way businesses can access resources and improving its presence across the country.
To simplify the process of collaboration with companies and investors the organisation will focus on four sector categories which are: emerging and enabling technologies, health and life sciences, infrastructure systems and manufacturing and materials. Innovate UK will also run two competitions to fund projects in each sector group per year and two open competitions for submissions from any sector or technology area.
Chief executive of Innovate UK Dr Ruth McKernan said: “This new strategy will represent a refocusing of our sights on what we believe are the most important things we can do to maximise the benefit of innovation for the UK economy.”
Further manufacturing and materials activities will involve investment in the new National Formulation Centre and Graphene Centre and additional competitions in 3D manufacturing, connected and autonomous vehicles and manufacturing readiness for later-stage developments. Work will also continue with the Advanced Propulsion Centre and Aerospace Technology Institute.
Under its infrastructure systems sector Innovate UK will push projects focusing on future cities, transport systems and offshore renewable energy, with a new energy systems catapult facility to be established in Birmingham.
Over the next year Innovate UK will focus on five key objectives:
- turning scientific excellence into economic impact;
- accelerating growth by nurturing high-growth-potential SMEs in key sectors;
- building on innovation excellence throughout the UK;
- developing catapult centres;
- and evolving funding models.
McKernan said: “To be globally competitive the UK must innovate and grow. Innovation is responsible for 50% of all productivity growth and the mission of Innovate UK is to help make this happen.
"We will build on our track record of success, focusing ever more closely on scaling up SMEs, equipping them to reap the benefits of the fourth industrial revolution,” she added.