£100m funding for innovation
Businesses will be able to compete for some of the funding
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Thursday, 08, Nov 2007 05:05
£100 million has been granted by the government to fund research and innovation in the UK, the innovation secretary announced today.
John Deham businesses will be encouraged to bid for the funding which will be distributed into eight areas.
These areas include a heavy emphasis on industries creating energy-efficient technologies such as wind turbines and tidal barrage systems to tackle climate change.
The government also aims to supply funding to help boost business competitiveness and companies who want to develop new healthcare therapies.
Mr Denham said the funding in these areas would make a "big difference" to the economy and people's lives.
"I believe that innovation can and will make a real difference to the wellbeing of individuals and the country at large while helping UK businesses secure a competitive commercial edge in the future," he said.
"Our work on innovation will help businesses to succeed and improve public services, meeting the challenges of the 21st century and enhancing peoples' life chances."
His comments were made during a speech at the Technology Strategy Board's (TSB) Innovate 2007 conference.
Speaking at the same event, TSB chief executive Iain Gray said he wanted to make the UK a "beacon for innovation and technology".