Innovate UK, previously known as Technology Strategy Board, is the UK’s public sector entity helping to nurture and support innovation in the UK. It was founded in 2004 within the former UK Department of Trade and Industry, before becoming an independent body in July 2007. In 2014, Innovate UK name was adopted. Today, Innovate UK is an executive non-departmental public body, sponsored by Department for Business, Energy & Industrial Strategy.
Over £1.8bn has been committed since 2007 to innovation, matched by similar amount in partner and business funding. It is claimed that this has helped 7,600+ organisations with projects adding £11.5+bn to the UK economy creating 55,000+ jobs.
Innovate UK focuses on four sectors, these being:
- Manufacturing and materials
- Infrastructure systems
- Health and life sciences
- Emerging and enabling technologies
Over the 2016/17 budget year, Innovate UK plans to invest £561m into the UK economy.
I have been part of the Assessment team for a number of Innovate UK competitions. Whilst I cannot share specific details due to confidentiality, I am able to share the following statistics (updated 2017 July):
- Number of applications assessed: 45
- Total value of projects: £25.3 million
- Projects awarded (some are still not announced): £10.6 million out of £20.5 million (52%)
There are a number of winners among those assessed applications. For further reading:
If you like to know how Venture 9 could help you and your organisation, please get in touch with Manoj.