A new fund is being set up to help UK businesses innovate and, hopefully, exploit export opportunities.
The fund, which currently boasts £1.2m, has been committed by Innovate UK as a way to help small businesses travel overseas in order to build international networks and set up commercial R&D partnerships. The ultimate aim, Innovate UK said, is to help UK SMEs work out ways in which to translate their ideas and innovations to a new market.
‘Showcasing our innovation expertise’
Commenting on the fund, Science Minister Jo Johnson said: “There are so many innovative companies up and down the country, challenging norms and pioneering new technologies. As science and research becomes more international we want to encourage these companies to forge collaborations across the globe that will help bring their products to mass market. By supporting them to showcase our innovation expertise, we can attract investment, create jobs and help to grow the UK economy.”
Chief Executive of Innovate UK, Dr Ruth McKernan, said: “This competition is about pushing out the horizon for companies that haven’t had the means, or inclination to think globally in the past. It will get ideas off the drawing board and into markets around the world, with new partners they may not even have imagined working with previously.
“Business, like science, is a global endeavour. Now more than ever, it is critical that UK companies continue to partner with other businesses and research establishments right across world if they are to remain competitive.”