TSB provides R&D cash for almost 200 small companies
The Technology Strategy Board has said more it will provide almost £6.5m to 180 small and medium-sized UK-based companies.
The funding is for 153 feasibility studies in areas such as advanced materials, biosciences, ICT and nanotechnology. Each project is to receive up to £25,000 support, with the work due to be completed within about three months. At the same time, a further 31 feasibility studies in Regenerative Medicine are to receive up to £100,000 each, with the studies taking up to six months to complete.
The TSB said it received more than 2000 applications for funding, finally selecting 184 with all but two being SMEs.
The TSB’s director of innovation programmes, David Bott: “We decided to invest in short-term feasibility studies to stimulate innovation in a range of important technology areas and, in particular, to encourage the involvement of smaller companies. Many small companies have great ideas, but lack the funds to enable them to carry out the important initial feasibility work required to see if their ideas are workable.
“We were delighted, but not surprised, by the huge number of applications. Nearly two-thirds of commercial innovation stems from small companies and they are a vital source of wealth-generating new products. We were also very pleased to see good applications from every part of the UK, which shows that we have innovative talent across the whole country,” he added.