The Innovation Vouchers scheme is going to enter stage two, aiming to support businesses to use open data to aid growth. Startup businesses and SMEs are set to get a £1.1m innovation boost to help them grow new ideas, develop processes and target new markets.
This is due to a second wave of “Innovation Vouchers”, which are being made obtainable through the Technology Strategy Board. The additional funding is for businesses who want to use public open data to commercialise their ideas, as well as improve products and prototypes.
The Innovation Vouchers scheme was launched in September 2012, providing £5,000 to companies who wanted to develop ideas related to build environment, space and agri-food. As well as the extra funding for open data use, they are also being extended for companies with innovation ideas in the areas of water, energy and waste.
Now, the Department for Business, Innovation and Skills (BIS) pledged £1m a year for the next three years for Innovation Vouchers. That figure will be matched by the Technology Strategy Board, meaning a total of £2m each year. A further £1.1 million is now available for open data over the following two years.
The Innovation Vouchers will be distributed every three months, with 100 vouchers across the themes each quarter. The vouchers form part of the government’s Innovation and Research Program for Growth.
In particular, the vouchers are a way to help entrepreneurs access and use open data to support the growth of their business.
David Willetts, Universities and science minister, commented on the scheme: “This new wave of Innovation Vouchers will give SMEs a great opportunity to bid for funding that can make a real difference to the growth of their business ideas. They will be able to develop exciting proposals that can make use of open data, which have the potential to unlock great value and boost economic growth.
“There is also real strength across the UK knowledge base in the areas of Energy, Water and Waste. The expansion of Innovation Vouchers in these areas will provide an added boost for businesses looking for suppliers of knowledge who can help explore and develop their innovations.”
Companies will be able to apply for the Innovation Vouchers directly through Open Data Institute (ODI) and the Technology Strategy Board. According to the BIS, they could be particularly beneficial for:
The extra funding for open data vouchers comes after BIS announced this week new measures to open up access to public data. These include a new £850,000 open data Immersion Programme and a £7.5m Data Strategy Board Breakthrough Fund which will help public organisations and companies to open up new opportunities for data.
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