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Cash boost for new business start-ups

Innovative businesses and start-ups are set to benefit from a £40 million government investment to drive forward new technological advances. It was announced 20 May 2020, that government is doubling investment in the Fast Start Competition with an additional £20 million.

The competition aims to fast-track the development of innovations borne out of the coronavirus crisis while supporting the UK’s next generation of cutting-edge start-ups.

Among the successful projects to receive the funding to date, is a virtual-reality surgical training simulator and an online farmers’ market platform.

Innovate UK has received a record number of applications – over 8,600 to the Fast Start Competition and will now be able to distribute investment to over 800 projects.

Projects receiving funding include:

I3d Robotics which is building a virtual-reality training/teaching platform to enable medical students to upskill remotely and perform simulation surgeries.
Volunteero Ltd has developed a social media app to connect local communities and allow volunteers to target support to the most vulnerable members in their neighbourhoods.
Elchies Estates Limited is setting up new virtual farmers’ markets to replace traditional markets which have had to close as a result of COVID-19, providing a platform for local businesses and farmers to sell produce.

 

The Fast Start Competition was launched in April in response to the outbreak and is being managed by Innovate UK.

 

 

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