Innovation Institute

Innovation and Research Strategy for Growth

The Government announced its Innovation and Research Strategy for Growth (Dec 11). The Government considers innovation as a key enabler to the UK’s growth agenda. The Government is proposing incentives to encourage companies especially SMEs to innovate. In addition to the SME R&D Tax Credit the Government will be investing an additional £75 million to support small business innovation. New schemes such as:

  • SMART awards: grants that support SME research and development
  • Innovation Vouchers Programme: to enable small businesses to engage with universities and the wider knowledge base
  • Small Business Research Initiative: to help more small businesses win government contracts for their innovative products and services

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