Driving InnovationTechnology Strategy BoardNigel WalkerAccess to FinanceNovember 2012
Our goal is toaccelerateeconomic growthby stimulating andsupportingbusiness-ledinnovation
Our 5 Strategic Focus Areas • Accelerating the journey – from concept to commercialisation • How businesses can get to market sooner - and more effectively • Connecting the innovation landscape • Helping companies to find the best answers, expertise and help • Turning Government action into business opportunity • Where Government procures, regulates, standardises... • Investing in theme areas based on global potential • Large markets which the UK is equipped to exploit • Continuously improving our organisational capability • Impact assessment, metrics, measures, efficiency, effectiveness.
What we do:• We help strengthen the global competitive position of our• leading businesses• We identify and grow sectors and businesses with the capacity to become the best in the world• We nurture the businesses that can succeed in the growth• sectors of tomorrowWe consider: Is there a large Can the UK do it? market opportunity? Can we make a Is the idea ready? difference?
Smart Awards • Proof of Market • Up to 9 months • Up to £25k grant • Up to 60% of project costs • Proof of Concept • Up to 18 months • Up to £100k grant • Up to 60% of project costs • Prototype Development • Up to 2 years • Up to £250k grant • Up to 35% of project costs (medium) or 45% of project costs (micro / small)
Launchpad • Stimulating cluster growth • Pilot in Tech City • Launched April 2011 • Up to £100k grant for digital projects up to 1 year, 50% grant • 200+ video clip applications • 40 shortlisted for full applications • 18 grant offers – contingent on raising matching external finance within 1 year • 14 projects raised funds (equity from angels / crowdfunding, debt, partner development contracts) • 1 project complete... Makielab: from idea to product launch in 6 months and $1.4m funding raised • Considering further Launchpads in 2013 and beyond
Knowledge Transfer Networks Aerospace and Defence Financial Services Biosciences HealthTech & Medicines Chemistry Innovation Industrial Mathematics Creative Industries Materials Electronics, Sensors & Photonics Modern Built Environment Energy Generation and Supply Nanotechnology Environmental Sustainability Transport ICT