£15m Budget pledge to drive technology innovation
Plans to boost ‘next generation’ of entertainment technology announced in Osborne’s 2013 Budget
The government has revealed a £15m plan to support business owners with research and development projects for innovative digital content solutions.
Announced in the chancellor of the exchequer’s 2013 Budget Report, the funding aims to encourage businesses of all sizes to invest in the development of technologies that support cross-platform production of digital content for use in films, games and online.
The new support, which is set to be administered by the Technology Strategy Board, was revealed in conjunction with plans to increase the funding available through the Small Business Research Initiative (SBRI).
Run as a competition, SBRI challenges small companies to develop plans for technology aimed at solving a specific public sector problem.
Winners of the competition are awarded with a government contract worth £40m, but following the chancellor’s announcement, this is set to rise to £100m in 2013-14 and £200m in 2014-15.
Chief executive of the Technology Strategy board Iain Gray commented on the announcements: “Innovation is transforming economies across the world.
“As the UK’s innovation agency we are committed to helping the UK stay at the forefront of technological and economic development.”