UK Government to Invest £75 Million in Small Business Innovation and Technology

The UK government has created a £75 million fund to encourage small businesses to invest in technology.

According to an article on Channel Web, the government has published the Innovation and Research Strategy report which details the steps it plans to take to encourage innovation and research and development among businesses to provide a boost to the UK economy.

The report informs that the fund will be handled by the Technology Review Board.

"A good deal of the innovation that happens in the UK comes from SMEs and with innovation comes business growth," said chief executive of the Technology Strategy Board, Iain Gray.

"This new package of measures will help to put these businesses at the forefront of the country's economic recovery. This package enables the Technology Strategy Board to do even more to stimulate business-led innovation in its leading role as the UK's innovation agency."

Apart from offering grants, the government also plans to encourage greater collaboration between small businesses and research institutes, which would result in new products and services to benefit customers and the economy as well.