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Backing ideas

Innovation Fund backs cutting edge projects

Alok Sharma

Alok Sharma: backing innovators

Companies behind some of Britain’s innovative ideas will have access to a £191 million Sustainable Innovation Fund.

It will be open to companies who need urgent financial support to keep their cutting-edge projects alive.

The fund will be aimed at firms involved in areas such as energy efficiency, ground-breaking medical technologies or reducing the carbon footprint of public transport.

Businesses and start-ups could also make use of the fund to develop smart sustainability-focused projects – from apps encouraging people to cut down their food waste to sustainable biodegradable packaging

Business Secretary Alok Sharma said: “Our country is home to some of the world’s most cutting-edge businesses that turn ingenious ideas into new technologies every day. That’s why we’re backing our innovators and risk-takers with new investment so they can recover and grow out of the coronavirus pandemic.

“Today I am urging businesses in all parts of the UK to come forward and pitch their state-of-the-art ideas to us, so we can work together to power the UK’s economic recovery.”

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UK Government minister for Scotland, David Duguid, said: “The coronavirus crisis has had a huge impact on the way we live and work but we have seen many businesses develop innovative new ways of working.

“This new fund will continue to help our economy as we recover from this pandemic.”

This funding, delivered through Innovate UK, forms part of a wider £750m package of grants and loans announced in April to support innovative firms.

It sits alongside the new £500m Future Fund, which provides match-funding to private investors, and has already received over 500 applications since its launch on 20 May.

Businesses can apply for support through the Sustainable Innovation Fund by visiting the Innovate UK website from 29 June.

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