Government announces technology and innovation centres

The government-backed Technology Strategy Board is set to roll out a network of technology and innovation centres across the UK, as the government continues its efforts to rebalance the economy and move away from an over-reliance on the financial services sector.

The organisation has a £200m fund to spend, and will establish the centres with help from UK businesses.

The Technology Strategy Board will be looking for companies with an interest in helping to form national centres with a focus on "high-value manufacturing".

The centres will also work with universities and businesses to commercialise research, in an attempt to tap potential multi-billion pound global markets.

"The programme for technology and innovation centres is a key part of our strategy to rebalance the economy," said deputy prime minister Nick Clegg launching the prospectus (PDF).

"We have so much potential here in Britain, and now is the time to harness it and build the stable, prosperous economy we want."

Around eight centres are likely to be built, each focusing on one area of innovation. Topics include energy and resource efficiency, transport systems, healthcare, ICT and electronics, and photonics and electrical systems.

The government expects that the £200m fund will help groups to innovate without having to turn to financial investors.

"It is crucial that we support UK industry to turn the discoveries of our world-leading researchers into world-beating products and services," said Vince Cable, secretary of state for business.

"The new technology innovation centres will help UK industry to capitalise on the future global market opportunities by drawing on leading-edge research."