The Top 5 Initiatives of the Government Department for Business Innovation and Skills
The Government Department for Business Innovation and Skills (BIS) is responsible for supporting innovation, research, and development in the UK. In this blog article, we will discuss the top five initiatives undertaken by BIS in recent years.
1. Innovation Vouchers
BIS introduced the Innovation Vouchers scheme in 2012, which encouraged small and medium-sized enterprises (SMEs) to seek expert advice to overcome business challenges. The scheme provided businesses with up to £5,000 to spend on expert advice in areas such as intellectual property (IP), finance, and marketing.
Since its inception, the Innovation Vouchers scheme has supported over 16,000 small businesses in the UK. It helped businesses to access key skills and expertise that they might not have in-house, thereby aiding growth.
2. Industrial Strategy
The Industrial Strategy is a comprehensive plan that outlines how the UK government will support businesses in key sectors to drive economic growth. Launched by BIS in 2017, the Industrial Strategy aims to create an economy that works for everyone across the UK.
The strategy focuses on the development of new technology, infrastructure investments, and skills training to support innovation and productivity across the country. As a result, businesses can expect government support to help them expand and grow in the coming years.
3. Catapult Centres
BIS launched the Catapult Centres Initiative in 2011 as a way to bring businesses, academics, and researchers together to develop innovative technology. The Catapult Centres are intended to act as a bridge between academia and industry, providing businesses with access to leading researchers and facilities.
The Catapult Centres have had a significant impact on the UK economy, generating over £4 billion in additional economic activity since their inception. They have provided businesses with a platform to develop new products and services that have been instrumental in driving economic growth.
4. Knowledge Transfer Partnerships
Knowledge Transfer Partnerships (KTPs) are a government-funded initiative that helps businesses to collaborate with UK universities or other research organizations. KTPs enable businesses to access the expertise of university researchers and develop new products, processes, or services.
KTPs provide financial support to businesses interested in adopting new technologies, running pilot projects, or undertaking research and development. More than 10,000 companies in the UK have participated in the KTP initiative since its inception, generating significant results through innovation and collaboration.
5. Science and Innovation Audits
BIS conducts Science and Innovation Audits (SIAs) across different regions of the UK to identify areas of strength and opportunities for growth. The audits aim to identify clusters of academic and industrial excellence in the UK that could drive economic growth and development.
The SIAs have been instrumental in providing businesses with a framework to collaborate with academics and utilize cutting-edge technologies. The results from SIAs have helped the government to develop policies that support innovation and growth in areas that are recognized for their research and development capabilities.
Conclusion
The Government Department for Business Innovation and Skills has undertaken a range of initiatives to foster innovation and development in the UK. From Industrial Strategy to Knowledge Transfer Partnerships, these initiatives have enabled businesses to access expertise and funding to develop new products and services, and have driven economic growth across the country.
