£50m for new technologies
6 Nov 2014
A £50 million fund to support new technologies in areas including synthetic biology and grapheme was launch by business secretary Vince Cable yesterday.
Innovate UK’s £50 million investment will support its four-year “Emerging Technologies and Industries” strategy.
Formerly known as the Technology and Strategy Board, Innovate UK’s approach aims to see the UK, poised to lead the world in one or more major new growth sectors within a decade.
The strategy builds on investments already being made in seven emerging technologies, with a pipeline of future investments now anticipated. The seven areas are:
- synthetic biology
• energy-efficient computing
• energy harvesting
• non-animal technologies
• emerging imaging technologies
• graphene
• quantum technologies
“Much of Innovate UK’s funding and expertise goes to support business innovation where the commercial opportunities are well understood and the technological challenges known - even if the solutions are not,” said Innovate UK chief executive Iain Gray.
“But it is vital that we also look further ahead, scanning the horizon for the breakthroughs of tomorrow. With our strong and inventive research base, the UK is an excellent source of high potential early-stage technologies. This new investment will help make the push for full commercialisation, creating real economic growth for the UK in the process.”
The “Emerging Technologies and Industries” strategy represents a doubling of Innovate UK’s investment in early stage technologies.
