Innovate UK pledges support to cutting-edge companies with £561m investment plan

Innovate UK is set to invest £561m throughout its delivery plan for the year 2016 to 2017.

The UK’s innovation agency plans to make significant investments in innovative UK companies over the next 12 months, which will help the country’s economy grow.

Innovate UK’s delivery plan includes a new sector focus that is easier for industry, investors and government to work with, a 5-point plan to underpin activity across these sectors and drive productivity growth, and clearer funding programmes that are easier to navigate.

The plan will also implement improvements to the way Innovate UK connects businesses to knowledge and partners, and form a stronger regional presence.

Dr Ruth McKernan, Innovate UK’s chief executive, said: “To be globally competitive the UK must innovate and grow. Innovation is responsible for 50% of all productivity growth and the mission of Innovate UK is to help make this happen.

“We will build on our track record of success, focusing ever more closely on scaling up SMEs, equipping them to reap the benefits of the fourth industrial revolution.”

To achieve this, Innovate UK has established four sector groups, consisting of emerging and enabling technologies, health and life sciences, infrastructure systems and manufacturing and materials.

Dr McKernan added: “We have also simplified how we run funding competitions for businesses.

“There will be 2 broad funding competitions covering each sector group per year, and 2 open competitions for applications from any sector or technology area. There will be other programmes and competitions in partnership with other government organisations.”

Since 2007, Innovate UK has invested £1.8bn in innovation, which has been more than matched by the private sector. This investment has returned between £11.5bn and £13.1bn to the economy. The agency has supported innovation in 7,600 organisations, creating around 55,000 new jobs.