Britain's digital entrepreneurs are to receive £42 million from the UK government over the next year in a bid to help them grow their businesses and improve their products.
The £42 million was announced yesterday when the Technology Strategy Board, the government’s innovation agency, gave a breakdown of how it plans to spend its £400 million annual budget, which the government has slashed by £40 million since last year.
The breakdown in spending is detailed in the Board’s 2014-15 Delivery Plan, which is designed to set out the Board’s priorities for accelerating innovation across the UK.
Significantly less money is being invested in digital technologies compared to the other four areas that the government is looking to back with the £400 million.
Energy will receive £82 million, programmes in the healthcare sector will receive £80 million, high value manufacturing will receive £72 million and transport will receive £70 million.
Technology Strategy Board CEO Iain Gray said: “The 2014-15 Delivery Plan raises the Technology Strategy Board’s ambitions to a higher level, enhancing support for UK companies through a range of targeted programmes, opening up lucrative pathways into Europe and expanding facilities and opportunities for businesses to collaborate and innovate still further.”
The Technology Strategy Board’s budget is simiilar to that of the Cabinet Office and considerably more than the Tech City UK budget of £1.7 million.
However, there is some overlap between the organisations. For example, the Technology Strategy Board launched a £1m Tech City Launchpad competition for digital and creative start-ups to support the growth of east London’s ‘Silicon Valley’.