In a speech to the Innovate 10: Connect for Growth Conference, David Willetts MP, Minister of State for Universities and Science announced a broad range of strategies designed to foster innovation in both the private and public sectors.
For too long the economy has been based on borrowing, the Coalition Government is keen too oversee a move from "consumption to innovation, and financial services to manufacturing and other services." To that end there will be a white paper published post CSR, but before the end of the year that will spell out how the coalition government intends to ensure that future growth is driven by the private sector in their goal to deliver the most competitive corporate tax system in the G20.
David Willetts confirmed that the Regional Development Agencies will transfer to the Technology Strategy Board (TSB) next year in an effort to simplify how start ups get support to grow and sustain their business.
Willetts also announced the Stratified Medicines Innovation Platform that will kick off with three (3) competitions for R & D funding worth up to £11M. The initial funding will address 3 areas:
1. Tumour profiling
2. Biomarkers for more effective drugs
3. Business Models for Stratified Medicine
with the goal of compressing the time and costs to market for targeted medicines and to further galvanise the UK's position as a world leader in the treatment and diagnosis of disease.
The funding will come from the Technology Strategy Board (TSB) and its partners. Companies wishing to know more about the funding competitions can find the details at www.innovateuk.org/competitions.ashx
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