Government Launches £1 Million Internet Of Things Competition
Technology Strategy Board offers SMBs individual grants of up to £150,000
The Technology Strategy board has kicked off the second Internet of Things (IoT) Launchpad – a research and development competition for early-stage companies, with £1 million worth of grants to be won.
The Launchpad targets Cambridge and London SMB clusters, offering up to 60 percent of financing for particular IoT projects. It hopes to help innovative businesses reach the market faster, and strengthen the overall IoT infrastructure in the UK.
Money for sensors
The Technology Strategy Board (TSB) is the UK government’s innovation agency. It runs regular Launchpad competitions to encourage the development of new businesses through a combination of project funding, training and support.
The first IoT Launchpad took place in May 2011, while the second was announced by David Cameron in March at CeBIT 2014 in Hanover.
The competition is looking for projects that may be too risky for companies to take forward without any support, or that may take them into new, previously unexplored areas. It offers funding of up to 60 percent of eligible costs for industrial research projects, but individual grants can’t go above £150,000.
Projects can last up to 12 months and have to be led by micro, small or medium-sized companies in the early stages of their development.
Since the Launchpad is run in collaboration with Tech City and Cambridge Wireless, the majority of sponsored work has to be carried out in either Cambridge or London.
The grant winners can count on expert advice, training, and support in raising additional funding. They will also hear from TSB partners including John Lewis , EE, Seedcamp, RedGate and Unilever, who could help in a variety of ways – from coordinating marketing efforts to providing retail space.
Registration for the competition is already open – submissions need to be made in a two-minute video format, and the final deadline is 3 September.
TSB has already held seven Launchpad events. Some of them were focusing on specific regions, like Glasgow, Manchester and London, while others addressed a specific sector of the technology market, like motorsport or security.
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