Innovate UK unveils £120m digital budget

Innovate UK, formerly the Technology Strategy Board, has outlined how it will spend £120m over the next four years to support innovation in the UK’s digital economy.

It will spend £15m a year supporting innovative business projects and provide a further £15m a year as core funding for the Digital Catapult Centre, the Open Data Institute and Tech City UK.

The strategy has five key objectives:

  • encouraging digital innovators to develop their ideas and establish businesses
  • championing approaches focused on users of digital technology
  • equipping innovators with the right technical and business expertise
  • growing infrastructure, platforms and ecosystems
  • ensuring the digital economy is sustainable

Innovate UK said that global digital services market will be worth as much as the entire UK economy by 2020.