Vince Cable announces £50m investment into “world-changing” technologies
Innovate UK’s four year ‘emerging technologies and industries’ plan will look to support development of areas such as synthetic biology and energy harvesting
Business secretary Vince Cable has today announced the launch of Innovate UK’s £50m investment fund for technologies that offer a “world-changing solution” to challenges such as developing drugs, monitoring equipment, and improving the detection of security threats.
Running over the next four years, the ‘emerging technologies and industries’ strategy will look to help turn new ideas in industries such as synthetic biology, energy harvesting, and non-animal technologies, into a reality.
The strategy is also designed to support the progress of energy-efficient computing, quantam technologies, graphene, and emerging imaging technologies such as cameras that can detect explosive objects and devices.
The funding is said to represent a doubling of Innovate UK’s investment into early stage technologies, and will look to help the UK become a world leader in the emerging technology arena.
Innovate UK chief executive, Iain Gray:
“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.
“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.”
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You can read the ‘emerging technologies and industries’ strategy, here.