Government unveils almost £3 million new fund for visionary, entrepreneurial female innovators
Over 100 entrepreneurial women and young people are set to benefit from government-backed funds to turn inspiring ideas into thriving businesses.
Today (8 March 2020), the UK’s first dedicated female Science Minister, Amanda Solloway, committed almost £3 million and a package of business support to help inventions by women and young people like clean energy solutions and healthcare services.
Female entrepreneurs could contribute £250 billion to the UK economy if they started and scaled their businesses at the same rate as men.
Speaking on International Women’s Day, Science Minister Amanda Solloway said:
Of the government’s funding commitment, £2.2 million will go to the Young Innovators’ Awards. In partnership with The Prince’s Trust, the government-backed award will support young people with creative and ground-breaking business ideas to turn these into reality. The package will include a £5,000 grant, one-on-one coaching and an allowance to cover living costs. The 3-year national programme aims to target 18-30 years olds from a variety of backgrounds.
Ben Marson, Director of Partnerships at The Prince’s Trust:
A further £500,000 will be provided to pioneering female entrepreneurs to develop innovations such as those to tackle climate change, developing new treatments and services for healthcare patients and cleaner transport. Ten female inventors will be awarded with a cash injection of £50,000 each, as well as receive coaching and mentoring.
Ian Campbell, interim Executive Chair, Innovate UK, has said:
Today’s funding announcement forms part of the government’s ambitions to significantly boost research and development fund across the UK – with the clear ambition to reach 2.4% by 2027.
Notes to Editors
The Alison Rose Review of Female Entrepreneurship estimated that an additional £250 billion could be contributed to the UK economy if female entrepreneurs started and scaled their businesses at the same rate as men.
Women in Innovation Awards
Through the Women in Innovation Awards, established by Innovate UK, 10 female inventors will be awarded with a cash injection of £50,000 each, as well as receive coaching and mentoring.
Previous winners of the Women in Innovation Awards have had a huge impact developing ideas while creating a new community of female entrepreneurs, proving that anything is possible, including:
Since the launch of the Women in Innovation programme in 2016, the number of women leading applications to Innovate UK has increased by 70%.
As part of the Women in Innovation programme, the government also announced today:
Young Innovators’ Awards
As well as supporting women in innovation, Amanda Solloway, today announced support for young people with new and creative ideas. The scheme is backed by Innovate UK, who will partner with the Prince’s Trust to deliver the Young Innovators programme - a 3-year national programme, which aims to target 18-30-year olds from diverse backgrounds.
Previous female recipients of the Young Innovators’ Awards include:
The programme will comprise of annual competitions for Young Innovators’ awards alongside an Ideas Mean Business’ communications campaign to encourage young people to make their ideas a reality. Roadshows across the UK will inspire and engage young people to get involved in science and innovative projects, supporting the government’s work to level up opportunities for research and development around the country.
Dates for the Young Innovators’ regional roadshows are:
About Innovate UK
Innovate UK is part of UK Research and Innovation, a non-departmental public body funded by a grant-in-aid from the UK government.
Innovate UK drives productivity and economic growth by supporting businesses to develop and realise the potential of new ideas, including those from the UK’s world-class research base.