IPO offers £3m funding to small firms

Departmental savings will support new business innovation

UK businesses will benefit from more than £3m of funding support from in-year savings made by the Intellectual Property Office (IPO), the government announced yesterday.

Intellectual property minister Baroness Wilcox revealed that the savings will fund projects to help companies develop new technologies, and will help advise them on developing their intellectual property.

The announcement forms part of a cross government package of measures unveiled this week to help the UK’s five million small businesses grow, and to boost enterprise across the country.

Baroness Wilcox said: “This investment in growth will help businesses carry out new research projects, bring new products to market and receive extra support in developing their intellectual property.

“The future of the UK economy lies with these high tech industries. For many of these innovative firms, their ideas, their intellectual property, will be their most valuable assets.”

More than 300 companies will benefit from the 11% savings made by the IPO earlier this year, as requested from all government departments.

The money will fund competitions and schemes run by the Technology Strategy Board, which is the government’s main channel for promoting innovation.

© Crimson Business Ltd. 2010

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