The government has launched a new fund to support innovation and turn ideas into marketable commodities.
From the end of November, businesses may compete to draw from £63 million made available in the latest round of the £370 million Technology Programme.
The scheme is designed to encourage firms to exploit emerging technologies and boost the UK's competitiveness in the face of growing challenges from other countries in a growing global economy, said science and innovation minister Lord Sainsbury.
"Focusing on leading edge and emerging technologies is key to ensuring that the UK maintains a strong base on which to build our future science and innovation capability," Sainsbury said.
"Pinpointing funding to help new ideas flourish will strengthen the transition of exciting projects from the drawing board to the market place."
He added that fund marks a major step in the government's goal to increase the country's research and development intensity to 2.5% by 2014.
The £63 million is allocated for collaborative research and development projects in areas including regenerative medicine technologies, energy, electrical and electronic control power stations and waste and resource efficiency.
This story was provided by www.growingbusiness.co.uk/venturedome.