MoD unveils £16m SME fund for defence innovation
Ministry claims programme will help Armed Forces and industry
Credit: InvestmentZen/CC BY 2.0
The Ministry of Defence has announced a new £16m programme aimed at supporting defence innovation among SMEs.
It is hoped that the funding will help the smaller firms form a key component in pioneering defence projects in the future. The government said that the launch of the new programme will keep the country at the forefront of defence technology, improving the capabilities of the Armed Forces, and maintain the competitiveness of the UK industry.
Applicants for a grant through the Defence Technology Exploitation Programme (DTEP) can receive up to 50% project’s value, at a maximum of £500,000. Successful applicants' projects that will be granted funding should be looking at supporting the integration of novel technologies, materials and processes into MoD’s supply chains.
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Head of the defence and security accelerator, Anita Friend, said: “DTEP has been designed to help SMEs join defence supply chains and offers SMEs and larger suppliers the opportunity to come together to solve defence problems.
“For an SME, DTEP offers not only funding but also the opportunity to deliver new innovations into the UK defence supply chain and a way to develop and scale up their business. DTEP is also beneficial for larger companies, offering early access to new technologies or processes that they may be able to help commercialise."
Scotland minister Iain Stewart added that “defence contracts already support thousands of highly-skilled private sector jobs in Scotland”.
"Scotland is famed for its innovation in technology and research and I hope to see bids from Scottish companies whose work can really make a big difference in our defence industry,” he said.
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