Recommendation 18

HM Government · verbatim extract Not Addressed

We agree with the Committee that we must continue to improve the ability of institutions and businesses to commercialise innovation in all clusters. We are taking ambitious and proactive steps to do that. UKRI has launched a £40 million proof-of-concept fund, and we expect the overall funding will grow across the Spending Review, and new programmes will provide follow-on support for projects supported through proof-of-concept funding. We are also improving transparency around spin-out activity, supporting technology transfer capability and making it easier for innovative firms to navigate support as they grow. Across the wider innovation system, UKRI and Innovate UK (IUK) have created a single front door for businesses through the Innovation Hub helping to simplify access and improve coherence. As announced in their recent Prospectus, IUK’s ‘Velocity’ approach will also provide high potential businesses with tailored support through an account management service. We are also focusing on creating demand for innovation, through reforming our approach to procurement to make it easier for innovation firms to sell to the public sector, and incentivising public sector programmes to adopt innovation.