Innovative small business receives govt boost |
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Technology
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Written by Gary Howes
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Thursday, 14 August 2008 |
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£20 million to be invested. The Technology Strategy Board is to invest in UK manufacturing to help companies maintain and develop their international competitiveness.
This could be welcome news to those SME's that have projects with great potential - but little funding, as is often the case in todays economic gloom.
The government says the £20 million they are putting into research and development is intended to help British manufacturers stay ahead of international competition.
Aerospace, healthcare, energy and recycling are industries that the government hopes will gain the most from the investment.
Science and Innovation Minister Ian Pearson said, "manufacturing is a vital sector of the UK economy, accounting for over 50% of our exports. And the UK is the world's sixth biggest manufacturer. Given the UK's high-wage economy, future productivity and global competitiveness depend upon our ability to develop high-quality, clever technology and products."
Iain Gray, Chief Executive of the Technology Strategy Board says, "there are some great examples of manufacturing technologies and innovation happening here in the UK. These successful projects reflect the changing nature of manufacturing and we are investing in the UK to enable it to maintain its place as one of the worlds leading manufacturing locations."
Applications for support were received from a very wide range of industries. The successful projects include research and development in areas such as: - Carbon-neutral construction products
- Mouldable auto parts from sustainable resources
- Energy efficient and environmentally friendly recycling of composites
- Advanced "health management" of wind turbine transmissions
- Intelligent management of electrical power systems
- The manufacture of sustainable prefabricated housing from renewable materials
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