Do you loath or love Innovation Strategy talk?
The UK government launches its
International Research and Innovation Strategy
at the EUREKA Global Innovation Summit today
(May 16, 2019)
The Foreward states that “We are bringing forward the largest investment in R&D for four decades and we are committed to reaching 2.4 per cent of GDP invested in R&D by 2027 and three per cent of GDP in the longer term. This forms one part of our overall offer to researchers, innovators and investors”.
Certainly the UK R&D tax credit schemes are helping to reach those targets - the total number of claims for R&D tax credits rose to 43,040 in 2015-16, an increase of 22% from 2014-15. The increase was primarily driven by a rise in the number of SME claims, which totalled 36,820 in 2015-16, an increase of 23% from 2014-15. The total amount of R&D support claimed increased to £3.7bn in 2015-16, an increase of 25% from the previous year.
As part of launching the International Research and Innovation Strategy Science Minister Chris Skidmore announced £4 million in new partnerships funding for projects with international partners focused on things like AI and advanced manufacturing and medical technology (GlobalStars, Smart Manufacturing Clusters Call, Artificial Intelligence and Quantum).
There is also a number of high-end partnerships in the aerospace industry ‘Take to the skies - e.g. “Rolls-Royce will partner with Ascatron AB to develop new high-temperature electronics essential to numerous aircraft improvements”.
Are you ready to find out if you qualify or how much your R&D claims could be worth?