UK government launches £200m package for R&D SMBs

'The Sustainable Innovation Fund' will help startups to keep their groundbreaking ideas alive

The Department for Business, Energy and industrial strategy is launching a £200 million support package for startups working on cutting-edge projects. 

The 'Sustainable Innovation Fund' is open to companies across all parts of the UK who need urgent financial support to keep their innovative ideas alive following the coronavirus pandemic.

The funding will be delivered through Innovate UK and will form part of the wider £750 million package of grants and loans announced in April. It sits alongside the Future Fund, which has already received over 500 applications since its launch on 20 May, according to the government.

The new £200 million fund is for companies developing new technologies that focus on making homes and offices more energy-efficient, reduce carbon footprints and improve public transport infrastructure. 

"Our ability to innovate will be key to tackling this crisis, driving economic growth and supporting jobs," Kemi Badenoch, Exchequer Secretary to the Treasury. "This funding, on top of our existing support for innovation, will back businesses in a wide range of sectors including technology, health, transport and clean growth."

The government is keen for research and development-intensive startups to take up the grant. The fund can also be used for ground-breaking medical technologies and to develop smart sustainability-focused projects, such as apps that encourage people to cut down on food waste or sustainable biodegradable packaging. 

The long-term goal of the Sustainability Fund is to boost the UK's economic recovery and develop more sustainable opportunities for businesses in all sectors as we come out of the coronavirus crisis. The government also hopes it will help it meet its pledge for net-zero carbon emissions by 2050. 

Related Resource

Business continuity, flexible working and adaptive infrastructure

Five actions for when the economy reopens following COVID-19

Download now

"Many businesses have successfully, and innovatively, responded to the challenges posed by the coronavirus," said Dr Ian Campbell, executive chair of Innovate UK.

"Organisations will recover from the pandemic, and as the situation stabilises, we will help businesses build an innovative economy that is viable and resilient. Today we issue the call for more innovators to put forward proposals to help the UK build a sustainable and productive future."

Featured Resources

Humility in AI: Building trustworthy and ethical AI systems

How humble AI can help safeguard your business

Download now

Future of video conferencing

Optimising video conferencing features to achieve business goals

Download now

Leadership compass: Privileged Access Management

Securing privileged accounts in a high-risk environment

Download now

Why you need to include the cloud in your disaster recovery plan

Preserving data for business success

Download now

Recommended

UK tech startups to watch in 2021
startups

UK tech startups to watch in 2021

11 Sep 2020
The IT Pro Podcast: COVID-proofing your startup
startups

The IT Pro Podcast: COVID-proofing your startup

10 Jul 2020
US Rep. Bill Johnson introduces the Advancing Tech Startups Act
Policy & legislation

US Rep. Bill Johnson introduces the Advancing Tech Startups Act

22 May 2020

Most Popular

80% of cyber professionals say the Computer Misuse Act is working against them
Security

80% of cyber professionals say the Computer Misuse Act is working against them

20 Nov 2020
Cisco acquires container security startup Banzai Cloud
Security

Cisco acquires container security startup Banzai Cloud

18 Nov 2020
46 million Animal Jam accounts leaked after comms software breach
Security

46 million Animal Jam accounts leaked after comms software breach

13 Nov 2020