The Government’s innovation agency, Innovate UK, has awarded 13 new businesses £8 million in the first stage of its pilot funding programme as part of its funding for innovation strategy.
The new Business Basic Fund, which hopes to unlock £100 billion of untapped benefit to the UK’s economy, forms part of the Government’s modern Industrial Strategy, which aims to build an environment that makes the UK the best place in the world to do business.
The Fund will help businesses, charities, trade organisations and public-sector organisations to support small businesses in adopting tried and tested technologies and management techniques.
The business given funding so far covers a range of different industries, ranging from health and safety to connected car technology. While they deal with very different markets, each business is trying to find solutions to everyday challenges posed to both consumers and businesses.
Once the projects are launched, the Government will work with leading experts to evaluate the effectiveness of each project in boosting productivity.
According to the Confederation of British Industry (CBI), by encouraging more businesses to take advantage of leading technologies, management practices and business support services, such as cloud computing, mobile technology and e-purchasing, the UK economy could receive a £100 billion boost and see a five per cent reduction in income inequality.
Speaking at the Fund’s launch during a speech to the CBI, Small Business Minister Andrew Griffiths said that the Business Basics Fund will test new and innovative ways of supporting small businesses. Once tested, it is hoped that this support gives small business leaders the tools and support they need to continue to thrive.