Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what recent assessment he has made of the adequacy of support available for businesses which are developing new ideas and technologies.

Innovate UK, the Government’s innovation agency, funds and connects business-led innovation. Innovate UK currently provides funding for research, development and demonstration projects through four broad sector-based programmes and an open programme. Over 11,000 projects have been funded to date, with over 8,000 unique organisations involved and further support will be provided through the new Industrial Strategy Challenge Fund

In some cases, industries are too new and too small to have well-developed sectoral institutions, but companies could still benefit from starting to build a stronger partnership with the Government, particularly to overcome the regulatory issues that often affect new industries. The Challenger Business Programme works with businesses in these areas applying new technologies, innovative products and services, and transformational business models. The programme is founded on collaboration between businesses, regulators, and the Government. It aims to gain a full understanding of the issues facing businesses operating within emerging sectors and agree a set of actions for different partners to take forward, driving growth and boosting the UK’s comparative advantage.

Innovate UK’s connecting activity also provides direct guidance and assistance to businesses by helping them navigate the full range of support opportunities that exist, primarily through the Knowledge Transfer Network and the Enterprise Europe Network.

Start-Up Loans are available for those starting a business but lacking access to the necessary finance or support to realise their ambitions.

In terms of wider support, Start-Up Loans are available for those starting a business and the British Business Bank’s Finance Guide provides information on the different types of financial support available to businesses. There is also a network of 38 Growth Hubs which provide businesses with other sources of support.