Innovate UK set to invest £561 million in innovation

IOM3
,
29 Apr 2016
Innovate UK is to invest £561 million in innovation over the next 12 months and take a more focused and efficient approach to supporting innovative UK companies.

The delivery plan for the year 2016 to 2017 includes:

A new sector focus that is easier for industry, investors and government to work with.

A five-point plan to underpin activity across these sectors and drive productivity growth.

Clearer funding programmes that are easier to navigate.

Improvements to the way Innovate UK connects businesses to knowledge and partners.

A stronger regional presence.

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

Further information

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