TSB co-funds technology competition to stimulate innovation

Up to £2.75m (€3.34m) is to be invested in collaborative feasibility studies to stimulate innovation, the UK’s Technology Strategy Board has announced.

The money will enable and underpin UK growth across four technology areas, namely advanced materials; biosciences; electronics, sensors and photonics; and ICT.

The TSB, Invest Northern Ireland and Highlands and Islands Enterprise aim to ensure that small and micro businesses in the UK are well equipped and suitably integrated within supply chains in order to respond to market opportunities across a range of economic sectors.

Projects must be led by a small or micro company, in collaboration with one or more business or research partners. Projects are expected to range in cost from £50k to £150k and to last from six to 15 months. The funding will go on feasibility studies (pre-industrial research projects), in which a business partner will generally attract up to 65% public funding for their project costs (75% for SMEs).

The competition opens on 6 May 2014, and the deadline for applications is noon on 25 June 2014. A briefing day for potential applicants will be held on 12 May 2014.