£200m package to help innovative businesses bounce back
The government has launched a new £200 million fund to back innovative ideas and projects led by companies recovering from the impacts of the coronavirus pandemic.
The government’s Sustainable Innovation Fund will be open to companies across all parts of the UK who need urgent financial support to keep their cutting-edge projects and ideas alive.
Funding totalling almost £200 million could go towards developing new technologies focused on making homes and offices more energy efficient to cut bills, creating ground-breaking medical technologies to treat infections and diseases, or reducing the carbon footprint of public transport in our towns and cities.
In a move to support people across the country to establish more ‘climate-positive’ behaviours, businesses and start-ups could also make use of the fund to develop smart sustainability-focused projects – from apps encouraging people to cut down their food waste to sustainable biodegradable packaging.
"Our country is home to some of the world’s most cutting-edge businesses that turn ingenious ideas into new technologies every day. That’s why we’re backing our innovators and risk-takers with new investment so they can recover and grow out of the coronavirus pandemic," said Business Secretary Alok Sharma.
"Today I am urging businesses in all parts of the UK to come forward and pitch their state-of-the-art ideas to us, so we can work together to power the UK’s economic recovery."
Kemi Badenoch, Exchequer Secretary to the Treasury, agreed, noting that the UK's ability to innovate will be key to tackling the crisis, driving economic growth and supporting jobs.
"This funding, on top of our existing support for innovation, will back businesses in a wide range of sectors including technology, health, transport and clean growth," said Ms Badenoch.
According to the government, the Sustainable Innovation Fund will help power the UK’s economic recovery and develop new sustainable opportunities for businesses in any sector following the coronavirus pandemic, while helping the UK meet its ambitions to cut carbon emissions to net zero by 2050.
Businesses can apply for support through the Sustainable Innovation Fund by visiting the Innovate UK website from Monday, 29 June.