Innovate UK has invested over £2.2 billion in more than 11,000 projects over the last 12 years.
The investments by the UK’s innovation agency have already created as much as £16 billion in gross value added to the UK economy and 70,000 jobs.
Innovate UK is supporting the government’s Industrial Strategy commitment to increase R&D spending to 2.4% of gross domestic product (GDP) through the Industrial Strategy Challenge Fund in further partnerships between businesses, researchers and government.
In particular, Innovate UK aims to create favourable conditions for private investment in R&D and assist industrial sectors and technologies that, helping all businesses with the potential to grow and scale across the country. The agency
In accordance with nine 2019-2020 delivery plans, Innovate UK will adopt new investment-focused approaches to financially support universities, the public sector and especially businesses, which account for two-thirds of all UK research and development (R&D). The focus will mainly be on:
- business environment, with a focus on delivering projects with social, cultural and economic impact
- places, supporting growth across the UK
- ideas, developing disruptive and ground-breaking projects
- people, investing in the skills and environment for innovation to thrive
- infrastructure, ensuring access and investment in world-leading research
- international, meeting global challenges and forming international partnerships
UK businesses welcome the agency’s support of innovation projects. One of the most recent initiatives was last year’s Knowledge Transfer Partnership programme, with up to £40 million of funding available for innovative partnerships. The funding allowed businesses to collaborate with graduates who would work on proposed innovation projects.
Image: Alexandre Debieve