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Cash backing for innovative ideas

The UK’s national innovation agency the Technology Strategy Board has announced a competition aimed at encouraging industrial end-users to create sustainable new products and services. 

The objective of the board’s £4.5m funding competition is to help companies with access to the market – the end-users – mobilise their supply chains to provide innovations targeted to unmet needs. 

Two issues are being addressed in the competition: reducing the global environmental impact of the materials used and reducing dependence on key raw materials, the supply of which potentially is at risk. 

The board says new products and services should have a reduced environmental impact compared to current alternatives or be less dependent on the use of strategic materials.

Proposals should be collaborative and led by a business, and must clearly present the benefits to business. Up to £500,000 funding is available for each project and they are expected to have a maximum duration of 24 months. 

The competition opens on 3 October and an initial networking event will take place on 20 September in London.

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