BREAKING NEWS GOVERNMENT LAUNCHES BILLION-POUND INNOVATION SUPPORT PACKAGE

The Government Has Today Launched A Billion-Pound Innovation and R&D Support Package for UK Businesses Like Yours

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The Government Has Today Launched A Billion-Pound Innovation and R&D Support Package for UK Businesses Like Yours

Chancellor announces new £1.25B fund to Boost Britain’s R&D Efforts

London, Apr 22, 2020 (Issuewire.com)  – Concerns about the long-term impact of COVID-19 on the economy have spurred the launch of a new fund to help UK companies innovate their way through the crisis.

Britain is a world leader in innovation, and Chancellor Rishi Sunak is determined to make sure we don’t surrender that competitive advantage. He commented today:

“Our start-ups and businesses driving research and development are one of our great economic strengths, and will help power our growth out of the coronavirus crisis. This new, world-leading fund will mean they can access the capital they need at this difficult time, ensuring dynamic, fast-growing firms across all sectors will be able to continue to create new ideas and spread prosperity.”

The package includes a £500M investment fund for high-growth companies impacted by the crisis, and £750M of grants and loans to help SMEs focus on research and development. This represents a vital cashflow boost for many businesses that are already heavily dependent on innovation, but it also opens a brand-new “window of hope” for other SMEs looking for ways to get ahead according to Innovolo MD Robin Pallister:

There are many business owners out there right now who are nervous about the future, perhaps a little disorientated with all that’s happening, and wondering what should they do next. This is the perfect opportunity to get funding that you can invest in innovation, and those that grab it with both hands will come out on top.”

With so many vitally-important sectors dependent on R&D – including life sciences, big data, AI, IoT, and clean energy – this investment in our future looks beyond the immediate crisis of COVID-19. The grants and loans will be made available through Innovate UK, but if you need a helping hand to see if you’re eligible, Innovolo can help:

“We’re busier than ever, but we have drastically scaled up our capacity, adding 5 new team members in the last month alone” confirms Operations Director Bradley Pallister. “The companies that help power the economy out of this downturn will be the ones that use this time to get ahead by innovating. Why not join them?”

22 thoughts on “The Government Has Today Launched A Billion-Pound Innovation and R&D Support Package for UK Businesses Like Yours”

  1. Well, this is a big boost that the government has made in supporting economic stability due to Covid-19. That way, it will allow business owners to focus more on new product ideas and new product development as a process of innovation in their business.

  2. This is great news for idea generation among the newest entrepreneurs. It’s a huge relief that the UK is really looking into this matter to help them in any which way that they can.

  3. Cone to think of it all countries have this program as well in the effort to keep the economy going, The only question is for how long. The only thing that is certain is this will take the New product development in the UK to a new level.

  4. Is good to know that the government supports innovation. It contributes to stimulate new product development in the UK and have a stronger economy.

  5. I am very happy to know that the British government wants to help these companies out of this emerging need, for companies it is important to acquire it and break the myths of innovation.

  6. So happy to hear that Innovolo is giving grants for innovation in the UK. We have to adapt to the COVID crisis and make sure that companies don’t sink due to the economic downturn. Which R&D sector receives the most assistance?

  7. This government initiative is the problem solution that best deals with challenges to innovation especially during the pandemic. I applaud the government. 

  8. Even with the government grant, innovators should still focus on idea commercialisation. It is what will ensure the longevity and viability of their ideas.

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