The Government has launched an £8m challenge to help it find hi-tech answers to Britain’s ailing high streets.
The initiative — unveiled by Science and Universities Minister David Willetts — will award funds to businesses trialling innovative retail, travel and traffic technology. Ultimately, new equipment and practices developed from the studies will be used to explore new approaches to retailing and distribution and solve travel and traffic problems.
Under phase one of the competition, to be run by the Technology Strategy Board, up to £2m will be made available for feasibility studies. A further £6m will be released during phase two to allow further development of successful initial projects. A development contract of up to £100,000 will be awarded to successful applicants in phase one and up to £1.2m in phase two.
“Technology plays a vital role in people’s everyday lives and has the ability to influence our movements and shopping habits,” explained the minister. “By developing innovations to regenerate the retail sector we will be able to breathe new life into the UK’s high streets.”
The competition is part of the Government’s Small Business Research Initiative programme which provides opportunities for innovative companies to take advantage of public sector procurement to solve specific problems.
“We hope it will encourage exciting new developments that could change the way business is done across our high streets. Giving shoppers and businesses real time information that they can use to their advantage will make a real difference in helping to boost the UK economy,” added Willetts.
Brandon Lewis is the Government’s high streets minister charged with reviving town centres and cutting the record commercial property vacancy rate.
“Britain’s shopping culture is changing with online shopping pushing town centres to evolve and exploit new technology to prosper and attract people to their local high street,” he said.
“This Government is committed to supporting high streets and this competition will challenge them to come up with exciting and innovative ways to be at the forefront of change.
“It builds on the £1bn support package of new tax breaks for shops and sensible changes to planning and parking rules. That investment combined with strong local leadership can help high streets remain at the heart of communities for decades to come.”
The Technology Strategy Board, effectively the UK’s innovation agency, brings together business, research and the public sector, to support and nurture the development of innovative products and services to meet market needs and help build the future economy.
“There is real appetite among business and consumers to come up with new ways to regenerate our high streets,” said the board’s chief executive, Iain Gray.
“This competition is aimed at encouraging businesses of all sizes to come up with innovations that address key challenges, such as ways we can combine both physical and virtual shopping or develop real-time parking information.”
Businesses have until 26 February to register for the competition and applications for phase one can be made until 5 March.
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