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UK pledges £72m to support high-value manufacturing

11 July, 2014

The UK’s Technology Strategy Board (TSB) has earmarked £72m to support initiatives in high-value manufacturing as part of its recently-published 2014-15 Delivery Plan, which aims to nurture and develop British entrepreneurial talent.

The plan includes 88 new competitions, designed to find and fund innovative ideas. The funding, totalling more than £400m, includes £42m for digital technologies, £70m for transport initiatives, and £82m for energy developments.

There will also be two new Catapult Centres ­– for energy systems and precision medicine – while a permanent presence will be created in Brussels to promote British innovation abroad.

Small businesses remain a key focus for the TSB, which will introduce a new growth programme for small and medium-sized business, providing a package of skills, mentoring and coaching support, and helping smaller companies to attract potential investors and grow their businesses. There will also be continued support for SMEs through the Smart, The Small Business Research Initiative (SBRI) and other programmes.

To bring innovators together with possible investors a new online platform is being developed in partnership with the British Business Bank and the UK Business Angels Association. This will showcase innovative companies to potential investors.

The TSB's 2014-15 delivery plan sets out priorities for accelerating innovation in the UK

“The 2014 to 2015 Delivery Plan raises the TSB’s ambitions to a higher level,” says TSB chief executive, Iain Gray, “enhancing support for UK companies through a range of targeted programmes, opening up lucrative pathways into Europe and expanding facilities and opportunities for businesses to collaborate and innovate still further.”

Universities and science minister David Willetts adds that “innovation is booming in this country, and it is part of our long-term economic plan to invest in ambitious entrepreneurs and businesses, to help them grow and succeed in the global race.”

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