Innovation UK > News > Innovation News > £20m boost to small businesses

In a boost to small businesses, an extra £20m has been invested in the Small Business Research Iniaitive.

The Initiative, which is designed to encourage public sector bodies to invest in innovative new technology, is overseen by the government-backed Technology Strategy Board and offers innovative businesses opportunities to win contracts to develop and commercialise technology-based solutions to public sector needs.

Business gains the opportunity to develop and potentially sell their product to the public sector organisation, while the organisation gains access to small businesses with the ability to offer up dynamic solutions to the challenges that they face. 

The additional investment of £20m will enable more public sector organisations, such as government departments, to run competitions that lead to businesses being offered contracts to develop innovative new technology.

Mark Glover, Head of SBRI at the Technology Strategy Board said: "The SBRI programme has been going from strength to strength since its launch last year and the decision to allocate further spending in this area is testimony to the inherent need for the programme and the increasing political will for government departments to find solutions to their own challenges by supporting innovation and innovative businesses.  In 2010, we plan to run design competitions in sectors that will promote low carbon economic growth, the life sciences and security."