The Department for Business, Energy & Industrial Strategy have launched the latest Government UK Innovation Strategy to highlight their priority areas and the beginning of the roadmap to make the UK a global hub for innovation by 2035.
The COVID-19 pandemic has brought the importance of rapid innovation to the forefront of everyone’s mind, including the UK Government. As we look forward to the future, the UK Government’s priority is to build back better through innovation, while implementing the lessons learnt from the UK’s rapid reaction to creating a COVID-19 vaccination.
The UK Innovation Strategy sets out the first steps in the plan for the UK to build back better and innovate, with their 4 pillars:
Pillar 1: Unleashing Business – We will fuel businesses who want to innovate.
Pillar 2: People – We will make the UK the most exciting place for innovation talent.
Pillar 3: Institutions & Places – We will ensure our research, development, and innovation institutions serve the needs of businesses and places across the UK.
Pillar 4: Missions & Technologies – We will stimulate innovation to tackle major challenges faced by the UK and the world and drive capability in key technologies.
The Strategy states that “Boosting innovation in the private sector is an essential part of the UK’s future prosperity and key to achieving UK objectives to be a force for good on global challenges around climate, biodiversity, prosperity, and security.”
In 2020/21 Innovate UK awarded £986 million, supporting over 4,500 organisations. The programmes they deliver creates £7 of economic benefit for every £1 of public investment – an incredible return on investment for the UK Government.
With an annual increase in R&D funding to £22 billion, innovative organisations in the UK are going to benefit greatly from the increased spending that will come from UKRI and all of their research councils.
Matt Symonds, Managing Director of TBAT Innovation says, “The increase of R&D expenditure to £22 billion a year is a welcome addition. Innovate UK’s spending last year was unprecedentedly high due to the COVID-19 pandemic and led to the realisation of new processes to make the process quicker and more effective in response to the urgent need for funding.
This strategy for the UK to build back better offers TBAT the opportunity to help even more businesses turn their innovative ideas into reality through being awarded funding.”
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UKRI (UK Research & Innovation) and Innovate UK have come together with their strategic partners to build their vision for the future of transport and mobility for the UK. This blog contains the key visions and our thoughts on the strategy.
Securing Innovate UK Funding is an established way to gain a share of the funding you need to accelerate development and de-risk an innovative project. TBAT Innovation’s tried and tested methods to write successful applications helps you boost your chances of success.
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