The Technology Strategy Board, the UK’s innovation agency, is to provide the initial £1m prize money for a new ‘grand innovation challenge’ set by the prime minister.
David Cameron announced the setting up of the challenge at the G8 Innovation Conference in London on 14 June.
Speaking to an audience of 250 leading innovators from around the world, the prime minister said: ““More than any time in history our world is being shaped by innovation, new ideas, new technologies and new companies.” He went on to ask his audience: what is the biggest challenge the world faces in the coming years – and how do we solve it?
The added that wants the public to have a say in what the challenge is and he hoped that this will generate a global innovation debate.
The Technology Strategy Board is the UK’s innovation agency. Its goal is to accelerate economic growth by stimulating and supporting business-led innovation. It brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy.
David Bott, director of innovation programmes at the Technology Strategy Board, said: “The prime minister has made it clear that innovation is at the heart of economic growth. This competition aims to get the whole country thinking about how to tackle major challenges through innovation. That is why we are very happy to provide the initial prize money for this new venture. We hope it will galvanise the best minds in our country to think about how we can really transform our economy – and our lives – for the better.”