Innovate UK has published its delivery plan for the year 2016/17 outlining its intentions  to promote and accelerate business innovation and to drive and support economic growth across the whole of the UK.

This is Innovate UK’s first delivery plan in the new Spending Review period, and marks some significant changes in the way it operates both in terms of organisation and support for business innovation.

Key points are:

  • aligning programmes within new, simpler sector groups to fit more easily with business needs and the work of Universities and the wider research base,  Government and others;
  • changing the frequency and nature of sector funding competitions so that they are broader and less restricted in scope than previously, forming a single stream of innovation funding;
  • forming a single ‘open’ funding programme available for applications from any technology or sector;
  • enhancing the role of its innovation networks in providing guidance and support to innovative businesses both nationally and regionally; and
  • strengthening Innovate UK’s presence and impact in the nations and regions across the UK.

The idea is that this approach will make Innovate UK more accessible and responsive to business needs, more effective in delivering its priorities and better able to work with partners to find and drive the science and technology innovations that will grow the UK economy – delivering productivity, new jobs and increased exports.

Since 2007, Innovate UK has invested £1.8 billion in innovation, which has been more than matched by the private sector. This investment has returned between £11.5 billion and £13.1 billion to the economy. Innovate UK has also supported innovation in 7,600 organisations, creating around 55,000 new jobs.