Technology Strategy Board bags record £440 million in Government funding

The Technology Strategy Board has received a record 440 million in Government funding to support its 2013/2014 business-technology plans.

The organisation has published the latest of its annual delivery plans, which outlines eight key actions the Board will undertake this financial year (ending March 2014), as well as eleven thematic programmes such as its catapult' projects, and four ongoing improvement tasks.

The 440 million budget is a record for a one-year Technology Strategy Board Delivery Plan.

The top two key actions revolve around what the agency describes as high growth SMEs' in the technology sector.

According to the delivery plan, the Technology Strategy Board will enhance its support for these businesses by expanding the use of tools such as Smart and Innovation Vouchers and making full use of Knowledge Transfer Partnerships. It will also help SMBs to gain access to both private and public seed and capital funding.

One of its key aims is to develop the role of Government as a lead customer of UK technology an objective shared by the G-Cloud programme.

The 2013-14 Delivery Plan also outlines funding for its seven catapults'.

Of the 440 million allocated to the plan this year, the Future Cities Catapult, Satellite Applications Catapult and Connected Digital Economy Catapult will receive 10 million each.

Additionally, up to 30 million will be available to "support the collaboration and cross-fertilisation of ideas between sectors and through identified technology sectors", and up to 7 million will be dedicated to "on areas of disruptive technology such as synthetic biology, energy efficient computing, and energy harvesting".

Iain Gray, chief executive of the Technology Strategy Board, said of the Delivery Plan: "Everything we do is driven by the desire to help UK business bring new ideas and technologies to market and so support economic growth. This Delivery Plan outlines the range of ways in which we do that, from direct funding through to access to expertise, facilities and finance."

The full report strategy document is available to view here.

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