The Government's innovation agency Innovate UK is investing almost £1 million to help UK companies bring their fledgling Internet of Things ideas to market.
The Department for Culture, Media and Sport has appointed R/GA Media Group and Startupbootcamp to run two new programmes that will help 20 UK businesses to develop the next generation of hardware that takes advantage of the Internet of Things (IoT).
The appointments are part of the UK government-funded IoTUK programme to support the Internet of Things industry and boost economic growth.
IoTUK aims to help business and the public sector to develop Internet of Things capability, particularly in areas such as security and trust, data interoperability, investment justification and design development.
Announcing the funding, Matthew Hancock, Minister of State for Culture and the Digital Economy, said:
“Government investment in the IoTUK programme is helping develop the next generation of technology that will power our economy and transform people’s lives.”
“This latest funding boost will help companies bring their fledgling Internet of Things ideas to market and take advantage of emerging global opportunities.”
Bridging the gap between prototype and market
R/GA Media Group and Startupbootcamp will provide access to their expertise and to finance and business support services to help businesses to bridge the gap between development of a prototype and market viability.
The Department for Culture, Media and Sport is investing almost £1 million through Innovate UK and R/GA and Startupbootcamp and their investors will bring in additional investment.
Innovate UK’s head of emerging and enabling technologies Paul Mason said:
“The jump from prototype to commercial viability is perhaps the most challenging in any area of business. This carefully targeted funding will help to ensure that UK companies are better placed to take advantage of the rapidly developing Internet of Things market opportunities.”
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