|12 January 2005|
DTI announce £60m technology funding boost
|The Department of Trade and Industry (DTI) has announced that 56 innovative projects, critical to boosting the economy, are to receive a £60 million boost.
The projects include the development of cutting edge stem cell applications for therapeutic medicine and creating the next stage in renewable energy technology.
The DTI believes that this £60 million funding from the Technology Strategy will help UK businesses gain a competitive advantage.
Seven priority technology areas have received funding, including inter-enterprise computing (£10.2 m), renewable technologies (£9.3m) and sensor and control systems (£7.2m). An additional £9m has also been awarded to establish knowledge transfer networks in these technology areas. The new investment will provide grants between 25% and 75% for collaborative projects, while the knowledge transfer networks will be funded at 100%.
The grants are part of the government's plans to promote innovation and help companies, research organisations and universities to exploit potential applications of these new technologies, so that the UK can become a leading country in these areas.
The DTI believes that this funding from the Technology Strategy will help UK businesses gain a competitive advantage.
The competition for funding under the Technology Strategy was announced by Minister for Science and Innovation, Lord Sainsbury, in April 2004. Commenting on the successful projects, Lord Sainsbury, said: "This £60 million for innovative technologies demonstrate the DTI's role as the national champion of science, innovation and technology, bringing commercial advantage to the UK."
A competition, which will provide £80 million for projects in a further nine technology areas, was also launched on November 29, 2004. The nine areas, identified by the recently appointed business-led Technology Strategy Board, included micro and nanotechnology, pervasive computing and energy technologies.
Businesses need to submit their online applications by February 7, 2005. Further information can be found at www.dti.gov.uk/technologyprogramme/
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