Innovate UK is to invest £561m in innovation over the next 12 months and take what it describes as “a more focused and efficient approach to supporting innovative UK companies.”
Chief executive Dr Ruth McKernan says that Innovate UK wants to focus “ever more closely on scaling up SMEs, equipping them to reap the benefits of the fourth industrial revolution.” Its delivery plan for 2016-2017 can be read here.
It has established four sector groups: emerging and enabling technologies; health and life sciences; infrastructure systems; and manufacturing and materials. There will be two broad funding competitions covering each sector group per year, and two open competitions for applications from any sector or technology area. Innovate UK promises other programmes and competitions in partnership with other government organisations.