The Technology Strategy Board (TSB) has today unveiled a new competition which will provide £1m in funding for the UK’s brightest digital projects.
Under the terms of the Tech City Launchpad initiative, which formally begins on May 6, the TSB will fund 50% of the cost of 10 leading-edge digital projects; up to £100,000 will be provided to each of the 10 companies.
In addition, the TSB will work will work with Angel investors, venture capitalists and establish digital companies to secure match funding – with the ultimate aim of meeting 100% of the outlay for each project.
Digital startups are invited to submit a two-minute video presentation between May 6 and 26, explaining why their project should be chosen. The competition’s judges will invite the best 20 entrants to submit written proposals, before deciding on the final 10.
Applications are being encouraged from across the country; however the scheme is primarily focused on Tech City, the burgeoning east London quarter which is being championed as a rival to America’s Silicon Valley.
Universities and science minister David Willetts announced the initiative: “It is important that we nurture clusters such as the one that has grown up in (east London). They are the crucibles where new industries are born, where communities support one another and where companies grow to become globally competitive.
“This initiative, with strong community involvement and including coordinated help to enable the companies to move fast towards commercialisation, is exactly what clusters need.”
Meanwhile, Iain Gray, the Technology Strategy Board’s chief executive, said that the Launchpad competition “is designed specifically to promote the community dynamic within these vibrant clusters, encourage cooperation and, ultimately, grow business in the area for the benefit of the UK economy.”
To apply, or get more information, visit the Tech City Launchpad website.