UK Plans US$2 Billion Investment in Technology Innovation

The UK's Technology Strategy Board - an independent arm of the government - has outlined its three-year plan to promote and invest in technology-driven innovation. Launching the Board's strategic plan - "Connect and Catalyse - a strategy for business innovation" Chief Executive Iain Gray summarised the Technology Strategy Board's role as "ensuring that the UK is in the forefront of technology-enabled innovation."

Iain Gray added that, working with the Regional Development Agencies, Devolved Assemblies and Research Councils, the Technology Strategy Board will invest over £1 billion (US$1.9 billion) in the next three years to promote and support innovation - and that, given the organisation's history in obtaining matching private sector investment, this figure will double to over £2 billion.

He also emphasised that the Technology Strategy Board had listened carefully to business and to partner organisations before drawing up its strategic plan.

Iain Gray said that to underpin the overall strategy the Technology Strategy Board was developing detailed strategies on its specific areas of focus. Two of these were also revealed - for high value manufacturing and energy generation and supply.

Describing the three-year strategic plan as the Technology Strategy Board's "roadmap", Iain Gray said that the organisation "Has already come a long way. We inherited a strong foundation of successful programmes promoting innovation. Now we have new vision and ambition. We want to make the UK a global leader in innovation. That is our destination and this strategic plan is our roadmap for the coming few years."

The Technology Strategy Board is an executive non-departmental public body (NDPB), established by the UK Government in 2007 and sponsored by the Department for Innovation, Universities and Skills (DIUS).

Posted to the site on 10th May 2008