Severn Valley SMBs compete for £500k cyber security funding

The Technology Strategy Board (TSB) has set out plans to plough 500,000 into supporting the R&D efforts of a slew of cyber security-focused SMBs based in the Severn Valley.

The initiative is the latest in a long line of "Launchpad" competitions run by the Government-backed agency, which aim to help support the growth of "innovative" companies.

The Severn Valley is reportedly home to 14 per cent of the UK's cyber security businesses, and the TSB said it hopes the money will lead to more infosecurity-focused firms setting up shop in the region.

"Launchpad enables businesses to take advantage of being part of a developing cluster to realise their potential for growth," said the TSB in a statement.

"The programme aims to support the development and strengthening of clusters of innovative companies in specific sectors and geographical locations.

"Due to the concentration of expertise within these clusters of businesses, there are often advantages of speed and knowledge transfer, which the Technology Strategy Board wants to encourage," the statement added.

The TSB's decision to focus on cyber security firms is hardly surprising. According to figures from the Department for Business, Innovation and Skills (BIS), the UK cyber security sector is expected to be worth more than 3.4 billion by 2017, up from 2.8 billion now.

In particular, the Board said it's looking to invest in projects considered too risky for companies to take forward themselves, or that venture into new areas of technology.

It plans to stump up 60 per cent of the funds needed for industrial research projects, and estimates that it will end up putting forward between 75,000 and 100,000 towards the total project costs.

"Projects can last up to 12 months, and should be led by micro, small or medium-sized companies that are likely to be in the early stages of their development," the TSB statement continued.

To apply for funding, applicants will firstly need to describe the nature of their project in a two-minute video, and then shortlisted candidates will be invited to submit a written business proposal.

The deadline for submissions is noon on 8 January.