Government unveils £200 million package to help innovative businesses

Photo shows: the Innovation centre at Gloucestershire global manufacturing company Renishaw
Renishaw_Innovation_Centre_demonstration_area

Innovative ideas and projects led by companies recovering from the impact of coronavirus may not be lost, thanks to a new £200 million fund launched at the weekend.

The government has launched a Sustainable Innovation Fund, which will be open to UK companies which need urgent financial support to keep their cutting-edge projects and ideas alive.

Funding totalling almost £200 million could go towards developing new technologies focused on making homes and offices more energy efficient to cut bills, creating ground-breaking medical technologies to treat infections and diseases, or reducing the carbon footprint of public transport in our towns and cities.

In a move to support people across the country to establish more ‘climate-positive’ behaviours, businesses and start-ups could also make use of the fund to develop smart sustainability-focused projects – from apps encouraging people to cut down their food waste to sustainable biodegradable packaging.

Business Secretary Alok Sharma said: “Our country is home to some of the world’s most cutting-edge businesses that turn ingenious ideas into new technologies every day. That’s why we’re backing our innovators and risk-takers with new investment so they can recover and grow out of the coronavirus pandemic.

“Today I am urging businesses in all parts of the UK to come forward and pitch their state-of-the-art ideas to us, so we can work together to power the UK’s economic recovery.”

Dr Ian Campbell, Executive Chair, Innovate UK said: “Many businesses have successfully, and innovatively, responded to the challenges posed by the coronavirus. Organisations will recover from the pandemic, and as the situation stabilises, we will help businesses build an innovative economy that is viable and resilient.”

Businesses can apply for support through the Sustainable Innovation Fund by visiting the Innovate UK website from Monday 29 June.