Technology board spurs £1 billion in R&D

Since its launch in 2004, the Technology Strategy Board has generated investment in research and development over £1 billion, the body has said, adding that its next innovation competition will be worth £100 million.

The business-lead, government-created group works to promote and support research into technology and innovation to boost the economy by offering funding through innovation competitions.

At the Innovate07 conference in London, Secretary of State for Innovation, Universities and Skills John Denham announced that the board's portfolio of over 700 projects supported has seen combined investment of over a billion pounds.

The board also announced 76 new projects from its Spring competition, which will see £101 million in investment across networking, low carbon energy technologies and healthcare innovations, among others.

For the next competition, another £100 million will be up for grabs for UK businesses developing technologies across eight areas. The first phase, which opened last week, focuses on energy materials, high value manufacturing and cell theraphy. The second phase, open in mid-December, is looking for innovations in low carbon energy, advanced lighting, and healthcare technology. The third phase, open at the end of January, is for creative industries and gathering data in complex environments.

All UK businesses are able to apply, while small to medium businesses and those with academic ties are favoured.

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