DTI provides £80m innovation fund

Money to be invested in encouraging technology

The Department of Trade and Industry (DTI) has created an £80m fund to encourage commercial technology innovation in the UK.

Intended to support collaborative research and development in all areas of technology, the funding will be administered by UK research councils and regional development agencies.

Trade and industry secretary Alan Johnson says the government is committed to investing in the UK’s future, enabling businesses to meet challenges and grasp opportunities.

‘The Technology Strategy provides a long-term approach to meet the government’s continued investment in cutting edge technologies, focused on the priorities for businesses for the competitive challenge ahead,’ said Johnson.

The DTI says organisations will be able to start applying for funding from 26 April.

But Alex Smeets, a director of Cambridge University’s St John’s Innovation Centre, thinks most of the money will end up augmenting research by large businesses and universities and do little for innovation.

‘What we need is to have the support there to help those innovations commercialise, to become the thing that makes the money. The DTI programme by itself won’t do that,’ he said.

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