40 million of support available via Fast Start Competition

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Innovative businesses and start-ups are to benefit from a £40 million fund to drive forward new technological advances following the announcement that the government is doubling its investment in the Fast Start Competition.

Funding comes from a £211 million government investment package to encourage businesses developing new technologies.

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. Innovate UK 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 to benefit from the funding already include virtual reality training platforms for surgeons, virtual farmers’ markets and other innovations borne out of the Coronavirus pandemic.