The Parliament's Science and Technology Select Committee has released its Technology and Innovation Centres Report in which it has detailed plans to invest £200 million in developing technology centres around the UK.
The technology centres being planned by the Parliament committee will focus on creating technological innovations that could help public and private organisations. The centres will be used to stabilise the economy along with fuelling innovation.
The TIC report highlighted that the funding for the technology centres will be funded by 1:1:1 among public, competitive public / private, and private funding. The model has already been successfully trialled in Germany for the Fraunhofer Institutes.
MP Andrew Miller, Chair Science and Technology Select Committee, said in a statement: "It is important that TICs work with businesses of all sizes. We hope that small companies get involved and that this will strengthen their financial base and increase lenders' and financiers' confidence in their commercial prospects.”