The government has announced £42m of new funding to help digital start-ups grow their businesses.
Small businesses in these areas will be invited to partake in 88 new competitions, which the government says will help find and fund top innovative ideas.
The news came after the Technology Strategy Board, an arm’s length body that aims to accelerate economic growth, published its Delivery Plan FY 2014-15.
The document explains how the organisation intends to spend its £400m budget that has been cut by £40m since last year.
“The 2014-15 Delivery Plan raises the Technology Strategy Board’s ambitions to a higher level, enhancing support for UK companies through a range of target programmes, opening up lucrative pathways into Europe and expanding facilities and opportunities for businesses to collaborate and innovate still further,” claimed the Board’s chief executive Iain Gray.
Digital companies will be receiving significantly less in comparison with other industries: £82m has been dedicated to energy, £80m to healthcare, £72m to high value manufacturing and £70m to transport.
Two new Catapult Centres – bodies intended to drive UK innovation – have also been launched in the areas of precision medicine and energy systems.
“We are global leaders in innovation and the Technology Strategy Board plays a crucial role in maintain this, ensuring that great British ideas can be transformed into great British products,” claimed Universities and Science Minister David Willets.
“Innovation is booming in this country and it is part of our long term economic plan to invest in ambitious entrepreneurs and businesses, to help them grow and succeed in the global race,” he added.