Hewitt offers £80 million investment in world-beating technologies

Citation

(2005), "Hewitt offers £80 million investment in world-beating technologies", Microelectronics International, Vol. 22 No. 2. https://doi.org/10.1108/mi.2005.21822bab.001

Hewitt offers £80 million investment in world-beating technologies

Hewitt offers £80 million investment in world-beating technologies

Keywords: Electronic engineering, Financing, Research and development

National competition for innovation and technology funds targets microelectronics.

Trade and Industry Secretary Patricia Hewitt MP has offered £80 million investment to British business for research and development into the latest world-beating innovative technologies. The announcement comes directly out of the DTI's recently published 5-year programme “Creating Wealth from Knowledge” and the DTI's new industrial policy as a champion of science, innovation and technology.

The £80 million of funding will be available for companies to carry out Collaborative Research and Development in nine high-priority technology areas, including microelectronics. The funding in this area in particular will allow the development of new technologies in the areas of design modelling and simulation and pervasive computing, networks and sensors. Design modelling and simulation involves powerful computing tools that allow designers and developers to envisage new systems, products and services. Ms Hewitt said, “Our 5-year programme demonstrated a clear shift in the DTI's role as a national champion of science, innovation and technology. We need to invest in these areas if we are to successfully compete in the global knowledge economy”. Ms. Hewitt continued: “This £80 million investment – part of almost £400 million from government – is vital support to businesses to help take the new ideas and technologies out of the lab and into the market. It is not about picking `winning companies'; it is about providing investment where there are clear gaps in the market. We want to kick-start research and development in these areas to ensure that the latest ideas and technologies can be turned into businesses, jobs and prosperity for Britain. The £80 million funding announced today is available through one of the DTI's new business support products in the form of grants for research and development in specific technology areas. This competition forms part of larger Government funding to support businesses in their R&D investments. Over the period 2005-2008, a total of £320 million of DTI funding is available through a Technology Strategy with an additional £50 million from DEFRA. Partnership work with other government departments and bodies will increase this amount further”.

Chairman of the Technology Strategy Board, Graham Spittle said: “This money will give a massive boost to companies developing exciting technologies with long-term applications within the area of microelectronics. The DTI is responding to what businesses need – backing the research and development that will bring commercial advantage to the UK”. To apply for the new funding and to find out about what other support the Government offers for research and development, companies should visit the web site: www.dti.gov.uk/technologyprogramme