Tech City UK is launching a £1m competition to find world leading innovation in ‘Internet of Things’ (IoT) (everyday objects working together on a system through the internet) technologies.
The Launchpad competition – which Tech City is running with the Technology Strategy Board – is open to small businesses and start-ups based in London and Cambridge.
Emily Westcott from Tech City UK said the grant aims, “to identify and support projects from innovative, early and growth stage businesses.”
The winning businesses will receive funding and one-to-one mentoring from leading companies.
“A key feature of the competition is a programme of activities designed to bring together successful applicants to support the development of their businesses and help them to access finance,” said Ms Westcott.
“Mentoring will be available to enhance applicants’ entrepreneurial skills, build connections between small and large businesses, as well as access to the investment community to help companies realise their growth ambitions.
“Ensuring a pipeline of successful, growth stage small and medium enterprises is important for both London and Cambridge. Supporting these companies and their projects creates a path for investment, which in turn helps companies scale up, develop solid growth strategies and create jobs.”
The Growth of Tech City
Tech City UK expects that a number of research and development grants will be awarded as a result of the competition. The Launchpad competition is part of £73m government investment to develop IoT technology.
The Prime Minister has hailed IoT technology as “a way of boosting productivity, of keeping us healthier, making transport more efficient, reducing energy needs, and tackling climate change.” Speaking at CeBIT technology trade fair in Germany, David Cameron said that the UK could be at the forefront of a new “industrial revolution”.
