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What is The Sustainable Innovation Fund, And How Will it Help Businesses?

Posted 3 months ago

What is The Sustainable Innovation Fund, And How Will it Help Businesses?
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With a number of research and development projects at risk as a result of the coronavirus crisis, the Government has announced the introduction of the Sustainable Innovation Fund. Worth a total of £191m, the Fund will provide innovation grants and R&D procurement which will be delivered through Innovate UK. 

According to the Government, the Fund will be open to companies from across the UK who “require financial support in order to keep their projects and ideas alive.”

This forms part of the £750m in additional Innovate UK funding announced earlier this year among the many COVID-19 support measures. The aim of the Fund is to support businesses that come up with innovative, sustainable solutions to the challenges posed by the COVID-19 disruption.

In a statement, Business Secretary Alok Sharma said: “Our country is home to some of the world’s most cutting-edge businesses that turn ingenious ideas into new technologies everyday.

“That’s why we are backing our innovators and risk-takers with new investment so they can recover and grow out of the coronavirus pandemic.

“I am urging businesses in all parts of the UK to come forward and pitch their state-of-the-art ideas to use, so we can work together to power the UK’s economic recovery.”

Dr Ian Campbell, Executive Chair, Innovate UK said: “Many businesses have successfully, and innovatively, responded to the challenges posed by the coronavirus.

“Organisations will recover from the pandemic, and as the situation stabilises, we will help businesses build an innovative economy that is viable and resilient. Today we issue the call for more innovators to put forward proposals to help the UK build a sustainable and productive future.

Author: Sacha Bright & Oliver Murphy

Disclaimer

To the best of our knowledge, the information we have provided is correct at the time of publishing. Sacha Bright is not a solicitor or accountant and we recommend that you seek professional advice on any topic discussed. Nextfin is not liable for any damages arising from the use of or inability to use this site or any material contained in it, or from any action taken as a result of using the site. 

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