Technology Strategy Board offers firms £500k of 'innovation cash'

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The government’s Technology Strategy Board (TSB) is to invest up to £500,000 in feasibility studies designed to jump start new businesses which support innovation in ‘high value manufacturing’.

The investment is part of what the TSB called its ‘High Value Manufacturing Strategy’ and is open to companies of any size.

The TSB said small or medium-sized enterprises (SMEs) could participate either as a single company or in collaboration with one other qualifying organisation, while large companies must participate in collaboration with an SME.

Projects must be business-led and the TSB said it proposed to fund projects “which are preparatory to industrial research”.

These are eligible for up to 75% public funding and the total project cost will not exceed £33,000, it added.

The competition opens to applicants on 11 March 2013. A briefing event for potential applicants will be held on 26 March 2013, and the deadline for applications is at midday, 24 April 2013.

For details on how to apply for funds in the scheme click here.