Innovate UK and British Business Bank sign Memorandum of Understanding

taylor louis 400 — Louis Taylor, Chief Executive Officer of the British Business Bank

Innovate UK and the British Business Bank have further strengthened their collaboration by signing a Memorandum of Understanding (MoU).

As partners dedicated to fostering innovation and growth of UK businesses across the country, this 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.

With the MoU, pathways can be built for businesses that seek British Business Bank or Innovate UK funding to provide more co-ordinated support throughout their growth journey, as well as promoting growth across the UK through co-ordinated place-based activities.

The MoU allows the expertise of Innovate UK and the British Business Bank to be combined 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 startup, to scaleup, and on to enterprise scale.

The British Business Bank’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.

Indro Mukerjee, CEO, Innovate UK said: “As the UK’s innovation agency, Innovate UK works to support the growth journeys of innovative UK businesses, from start up to scale up and beyond. 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”.

Louis Taylor, Chief Executive Officer, British Business Bank, said: “This Memorandum of Understanding between the British Business Bank and Innovate UK is a fantastic development, with the potential to foster greater innovation and growth for UK smaller businesses. 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.”