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Innovate UK announces new strategy to back the UK’s most promising deep tech businesses
Innovate UK will become more deliberate about what technologies, sectors and businesses they support under a new strategy that is designed to address the challenge of transforming world-class research and early-stage innovation in the UK into globally competitive businesses.
The focus will be on the UK’s deep and hard tech innovators - businesses built on significant scientific or engineering breakthroughs that deliver value - in a renewed effort to support the UK’s most promising deep tech companies to scale.
This new approach will support the government's Modern Industrial Strategy, focusing on six of the eight priority sectors:
- advanced manufacturing
- clean energy industries
- creative industries
- defence
- life sciences
- digital and technologies (includes six frontier technologies: AI, Advance connectivity, engineering biology, cyber security, semiconductors and quantum)
Deep tech businesses within these sectors will have prioritised access to Innovate UK funding and programme support throughout their journey from innovation to growth, as well as opportunities to connect with investors, policymakers, regulators and international markets.
The UK has one of the strongest research bases in the world. Yet we do not have as many globally-scaled companies to represent that strength. Why is that so, and what is stopping our big ideas from becoming big businesses? We excel at making discoveries, generating intellectual property, spinning out and starting up. Yet when it comes to scaling, too many innovative businesses fail, stall or move overseas. Innovation is in our blood – but we must focus on industrialising it, because fast-growing businesses are what drive real economic value.
Tom Adeyoola, Executive Chair – Innovate UK
When delivering this strategy, Innovate UK will continue to play a central role in the UK innovation ecosystem working closely with UKRI’ s Innovation Councils, the Advanced Research and Invention Agency (ARIA), the Catapult Network and public finance institutions, including the British Business Bank, the National Wealth Fund and the National Security Strategic Investment Fund.
You can find out more about Innovate UK’s new strategy by clicking here.
techUK looks forward to continuing to work closely with Innovate UK to ensure the views and priorities of our industry membership are reflected throughout the delivery of this strategy.
Original article link: https://www.techuk.org/resource/innovate-uk-announces-new-strategy-to-back-the-uk-s-most-promising-deep-tech-businesses.html
