Start-ups in our sectors
Our sectors are at the heart of world-leading research and innovation in the UK. There is a strong relationship between industry and Government to support and grow R&D within the UK. A prime example of where this works well is the Aerospace Technology Institute (ATI). This brings together investment from industry and Government to fund cutting-edge R&D projects in aerospace.
The UK’s network of small, innovative companies bringing forward new designs and products that will become fundamental to the future of air transport strengthens our sectors, and technology spill-overs benefit the wider UK economy. The partnerships formed between primes and start-ups advance technology and innovation the UK looks towards a greener future.
The impact of COVID-19 on start-ups
COVID-19 has impacted every company, large and small, and will continue to do so. As pre-revenue companies, some start-ups have struggled to access Government support. Without protecting this strong network of small, innovative companies in the UK, a new risk is created of failing to maintain our position as a leader in developing solutions to combat climate change.
The Government has recognised the risk posed to the UK’s start-ups by COVID-19. On 20th April the Chancellor announced a new package for firms driving innovation. In total, the package is worth £1.25bn.
The package includes a £500m loan scheme for high-growth firms, and £750m of targeted support for small and medium sized businesses focusing on R&D. The £500m “Future Fund” has been developed with the British Business Bank and will launch in May. The £750m for SMEs focussing on R&D will be available through Innovate UK’s grants and loan scheme. The first payments are expected to be made by mid-May.
We want to hear from you
ADS is in constant contact with the UK Government regarding the support available, and further support required. If you are a small company with a heavy focus on R&D, we’d love to hear from you. Will the support announced by the Government help your business? If not, where are the gaps in the support currently on offer?
Please get in touch, either through your regular ADS contact, or to Oliver Newton. We’ll make sure your views and concerns are fed into Government.