Published: 20th May 2020

The government will double spending to £40m for its business innovation competition, business secretary Alok Sharma has announced today (May 20). The Fast Start Competition aims to fast-track the development of innovations borne out of the coronavirus crisis while supporting the UK’s next generation of cutting-edge start-ups. The investment comes from a £211m government support package to drive forward business-led innovation and is part of a wider investment package of £1.25 billion for innovative UK businesses, announced by the Chancellor on April 20. Innovate UK received a record number of applications – over 8,600 to the Fast Start Competition and will now be able to distribute investment to over 800 projects. Among the successful projects to receive the funding to date, is a virtual-reality surgical training simulator and an online farmers’ market platform. Business Secretary, Alok Sharma, said: ‘The coronavirus crisis has created challenges that impact the way we live, … (To read the full article, subscribe below)