The Government has announced funding for innovative businesses involved in developing game-changing products and services in any area of technology, science and engineering.
The so-called Smart funding run by Innovate UK supports the best business ideas in the UK across any technology area, particularly those that have significant potential for global markets.
In order to qualify, projects must show that they will exploit game-changing ideas to develop new products, processes and services that will have significant economic impact.
The competition, which opens on 9 January 2020, is hoping to attract applications from any area of technology, science and engineering and can include the arts, design, media and creative industries.
The applications will ideally be in line with the ‘Grand Challenges’ of the Government’s Industrial Strategy. However, any game-changing ideas from outside these areas would be welcome.
The Government’s Grand Challenges are focused on the global trends that will transform the future, namely Artificial Intelligence (AI) and data and the challenges around an ageing society, how to achieve ‘clean’ growth and the future of mobility.
As the Industrial Strategy points out, embedding AI across the UK will create thousands of good quality jobs in many sectors and help to drive economic growth. Meanwhile, the UK’s ageing population will create new demands for technologies, products and services, including new care technologies, new housing models and innovative savings products for retirement.
In addition, the move to cleaner economic growth is one of the greatest industrial opportunities of the current age, leading to the creation of new industries and the transformation of existing ones.
Finally, innovation in engineering, technology and business models is driving profound change in how people goods and services are moved around. The competition is therefore looking for ideas on how to improve the customer experience and drive efficiency.
The deadline for applications is at noon on 22 April 2020.