£1m invested to support 20 companies developing next-gen IoT solutions
£1m invested to support 20 UK companies developing next-generation Internet of Things solutions
As part of the government-funded IoTUK Programme, the UK’s innovation agency, Innovate UK, have appointed R/GA and Startupbootcamp to run two programmes to support twenty UK companies developing Internet of Things (IoT) based hardware solutions and accelerate their commercial application.
This will help UK companies develop early IoT market advantage, and to bridge the challenging gap between development of a hardware prototype and commercial viability.
Matthew Hancock, Minister of State for Culture and the Digital Economy, said:
“Government investment in the IoTUK programme is helping develop the next generation of technology which will power our economy and transform peoples’ lives. This latest funding boost will help companies bring their fledgling Internet of Things ideas to market and take advantage of emerging global opportunities.”
R/GA Media Group and Startupbootcamp have extensive knowledge of IoT technologies and markets, and expertise in design, engineering, manufacturing, and global supply chains. They will also provide access to finance and business support services. They will each be working with around ten IoT early stage companies.
Innovate UK’s Head of Emerging and Enabling Technologies, Paul Mason said:
“The jump from prototype to commercial viability is perhaps the most challenging in any area of business. This carefully targeted funding will help to ensure that UK companies are better placed to take advantage of the rapidly developing Internet of Things market opportunities.”
The government’s investment in these two schemes (Innovate UK, funded by DCMS) is nearly £1 million in the current financial year. R/GA and Startupbootcamp and their investors are making additional investment.
Innovate UK is the UK’s innovation agency. We are business focused and drive disruptive innovation right across the UK economy, funding and connecting pioneering businesses so they can create the products, processes and industries of the future. It is our mission to boost productivity, increase exports and help the UK economy grow head and shoulders above other nations. For further information and to stay updated on our latest news visit www.gov.uk/innovateuk, follow us on Twitter at @innovateuk or subscribe to our YouTube channel at www.youtube.com/InnovateUK.
IoT UK is an initiative to help advance UK competitiveness in the Internet of Things (IoT) and increase adoption of high quality IoT technologies and services by businesses and the public sector in the UK, benefiting citizens. More information is available here.