IPO announces £3 million tech fund

Over 3 million of savings from the Intellectual Property Office (IPO) will go into IP-based technology initiatives, the Government has announced.

Over 300 companies will be able to take advantage of the funding to develop technologies for managing their IP after the IPO made 11 per cent savings earlier in the year.

The funding, which will last for one year only, will also support Technology Strategy Board projects and competitions.

One of these projects is the Small Business Research Initiative, which includes competitions to create new technologies in order to meet the requirements of Government departments.

Intellectual property minister Baroness Wilcox claimed the savings had been achieved without impacting frontline services.

"We have identified and eliminated waste. That money will now go on helping firms grow and succeed," Baroness Wilcox said.

"The future of the UK economy lies with these high-tech industries. For many of these innovative firms, their ideas, their intellectual property, will be their most valuable assets."

The announcement forms part of a wider Government initiative to boost enterprise across the UK, in particular to help the country's five million small firms expand.

Towards the end of last month, Prime Minister David Cameron announced the Government would invest over 200 million in a network of technology and innovation centres during the next four years.

They will support businesses in developing new technologies and in taking them to market.