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£1bn technology boost welcomed by Innovate UK

Innovate UK

2 min read

Innovate UK, who provide funding and support for business innovation, have welcomed the significant announcement made by the Chanellor today to provide 5 years of funding for the UK's Catapult technology and innovation centres. 


Dr Ian Campbell, Executive Chair of Innovate UK, said: “Today’s significant announcement means our world-class network of Catapults can build on their success and continue helping thousands of businesses across the UK to undertake innovative R&D. This long-term investment will mean the Catapults can help deliver the Grand Challenges of the Industrial Strategy in their sectors and help the UK achieve its ambition to raise investment in R&D to 2.4% of GDP by 2027.
 
“In their first five years the Catapults have supported around 3,000 small businesses to develop and exploit new technologies. They operate more than £850m world-class facilities and are also training hundreds of apprentices and doctoral students, such as at the High Value Manufacturing Catapult where in the last year 900 apprentices have gained invaluable practical experience with cutting-edge technologies used in modern manufacturing.”
 
This funding builds on the success of the Catapult centres and is a huge vote of confidence in the scheme. Catapults are a crucial part of helping us meet our commitment to spend 2.4% of our GDP on research and development and make sure the UK remains the go-to destination for research and development.
 
Catapult background
  • Our network of Catapults is a long-term investment for the benefit of UK businesses. They offer world-class facilities and expertise to help businesses innovate and grow.
  • They bring together the best people in their fields with world-class facilities and expertise to rapidly advance UK R&D into global commercial success, making them a key part of key part of our contribution to delivering the Government’s industrial strategy. 
  • Catapults achieve their aims by bringing together a mixture of expertise, skills, facilities, equipment and collaborations needed to support companies to shape and pioneer the markets of the future. They work with companies to develop and drive new and improved products, processes and services from UK businesses into those markets.
  • In the five years since the first Catapults were established, they have supported around 3,000 small businesses identify, develop and exploit new technologies, products and services, making businesses more productive, helping boost exports and attracting inward investment. Innovate UK will continue to support the Catapults, improving their strategies, governance and performance management as part of UK Research and Innovation. 

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