Innovate UK has published its “delivery plan” for 2016/2017. The government agency intends on investing over £500 million to support disruptive innovation by boosting young companies and entrepreneurs. Dr. Ruth McKernan, Chief Executive of Innovate UK, said fostering innovation was the only way the UK may remain globally competitive.
“Innovation is responsible for 50% of all productivity growth and the mission of Innovate UK is to help make this happen.”
Since 2007, Innovate UK has invested approximately £1.8 billion into early stage companies. This is a number that has been more than matched by private investment. The agency estimates that this investment has returned over £11.5 billion to the economy having created approximately 55,000 new jobs. How do they accomplish this? By funding businesses and connecting them with individuals and entities that may help them grow.
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