£10m aerospace fund launched for small businesses
Business minister Anna Soubry has announced plans for aviation and 3D printing centre alongside fund for “game-changing” aerospace tech
Business minister Anna Soubry has announced the launch of a £10m fund for small businesses involved in developing aerospace technologies, in a move to boost productivity in the UK.
Soubry, appointed during David Cameron’s cabinet reshuffle last month, detailed the plans as she opened the new Aerospace Research Centre and National Centre for Net Shape and Additive Manufacturing – a £60m aerospace and 3D printing centre in Coventry – earlier this week
The fund will be run by Innovation UK and applications will open next week.
These new government initiatives highlight the opportunities in growing industries with many entrepreneurs utilising opportunities created by tech innovations such as civilian drones and affordable 3D printing.
Speaking at the opening, Soubry, said:
“Demand for new aircraft is at record levels – around 45,000 new aircraft and 40,000 helicopters are needed between now and 2032, worth over $5trn. This will provide billions of pounds of work to the UK economy given our leading capability in wings, engines, helicopters, advanced systems and services.
“Getting this right will deliver economic benefit through our large, mid-sized and small companies across the breadth of the country.”