South: Innovative small businesses to be given extra support by Technology Strategy Board

A new package of support to help small businesses fund and accelerate new ideas is being rolled out by the UK’s innovation agency, the Technology Strategy Board, as part of the Government’s small business statement published on Small Business Saturday. 

Welcoming the Government’s Small Business: GREAT Ambition, Technology Strategy Board chief executive Iain Gray announced that the organisation would significantly increase its help to SMEs. New measures include:

• Increasing the funding for our most popular scheme for small businesses, Smart grants, to a record £50 million in 2014/15 (from £40m in 2013/14). Smart provides pre-start-ups, start-ups, micro businesses and SMEs with grants to enable them to assess potential markets and invest in R&D and innovation. It is aimed at those SMEs with high growth potential.
• Supporting the growth of clusters through at least three new Launchpads in 2014 as announced on Friday, with funding of £1m each: these will include a second Tech City Launchpad, with a focus on digital companies further into East London; healthcare technologies in Wales and manufacturing (process industries) in the North East.
• Creating a national Venturefest events programme at innovation hotspots throughout the UK that connects innovative SMEs with investors. This will build on the successful Bristol, Oxford and Yorkshire Venturefest events.

Gray added: “Small businesses play a crucial role in developing new products and ideas to market, but we have to be realistic that it can be expensive and challenging. We have a proven track record of helping SMEs and we’re determined to do more, both in terms of funding and the overall package of support we provide.

“The Smart grants programme is a real winner with every £1 invested returning £9 to the UK economy. It is very good news that we see commitment towards Smart strengthening to further meet the huge demand out there for this exceptionally popular grant programme.

“Establishing more launchpads, extending Venturefest events across the country and helping businesses take advantage of EU Horizon funding are just some of the ways we can make a difference to help small businesses grow through supporting innovation.”

The Technology Strategy Board’s improved package of support also includes:

• Helping small businesses tap into the euros 79billion of EU Horizon 2020 funding by expanding the support available such as through the network of National Contact Point experts, the new Horizon 2020UK website and greater co-ordination with the Enterprise Europe Networks across the UK.
• Setting up of an online platform that will showcase small innovative businesses seeking investment to suitable investors who are looking to invest in high growth SMEs. Those companies with a Technology Strategy Board award and who are interested in equity investment, will therefore be accessible to potential investors. This will be established in conjunction with the British Business Bank, Growth Accelerator and the UK Business Angels Association.
• Improving the Technology Strategy Board application process so that it adds real value to a SME to help them grow their business, including through online multi-media support or setting up business plan workshops prior to applications. It will also include establishing a new feedback tool for businesses to capture insights on how the Technology Strategy Board processes can be streamlined.
• Connecting companies to export advice, coaching, mentoring and entrepreneurial skills training and Intellectual Property advice building on our existing partnerships with the Growth Accelerator, UKTI and the IPO.