Innovate UK and the British Business Bank (BBB) have strengthened their collaboration by signing a memorandum of understanding (MoU).
The new collaboration will see the two organisations working even more closely together to co-create new opportunities to promote investment and to support UK businesses through better tailored offerings.
The MoU pledges a collaborative approach to supporting businesses that seek BBB or Innovate UK funding.
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It also aims to promote growth across the nations and regions of the UK through co-ordinated place-based activities, and to combine expertise to develop more tailored offerings for smaller businesses.
As the UK’s innovation agency, Innovate UK is dedicated to supporting inclusive innovation, accelerating companies on their innovation and growth journey, from commercialisation, through start-up, to scaleup, and on to enterprise scale.
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BBB’s mission is to drive sustainable growth and prosperity across the UK, and to enable the transition to a net zero economy, by improving access to finance for smaller businesses.
“The MOU and practical action plan with the British Business Bank are important steps to further build our support for economic growth, increased productivity, and skilled jobs,” said Innovate UK chief executive Indro Mukerjee.
BBB chief executive officer Louis Taylor added: “Given our complementary roles in the market, closer collaboration with Innovate UK will help us develop a far better pathway for great innovation to be commercialised in the UK, benefiting the economy, jobs and the innovation ecosystem that we want to thrive.”
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