Small and medium-sized enterprises are being encouraged to invest in technology with a £75 million incentive from the government. The government have recently published ‘Innovation and Research Strategy,’ which is a document encouraging small businesses to innovate and grow through the use of technology.
The Technology Strategy Board is headed by Iain Gray who has said, “This is a new set of measures by the government that are going to put small and medium-sized enterprises at the forefront of the U.K.’s economic recovery. Technology is going to help stimulate innovation in these companies and this in turn will help them expand and aid in the recovery of the economy.”
The Launchpad initiative was a previous effort by the Technology Strategy Board and this is going to be expanded in the near future because of the new funding being offered by the government. It is also expected that the Smart scheme, which is offering funding to small businesses engaging in research and development, is going to be significantly expanded.
The government expects that through this initiative many new processes, products and services will emerge. Government procurement is going to be utilised by the programme which is going to drive innovation and encourage companies to develop solutions to problems by working with the public sector, especially during the early stages of the development of new technologies.