What is the Industrial Strategy Challenge Fund?
The Industrial Strategy Challenge Fund aims to bring together the UK’s world-leading research with business to meet the major industrial and societal challenges of our time.
It provides funding and support to UK businesses and researchers. The fund is part of the government’s £4.7 billion increase in research and development over a period of 4 years.
- Builds on the UK’s world-class research base and delivers the science that business needs to transform existing industries and create new ones;
- Accelerates commercial exploitation of the most exciting technologies the UK has to offer to ensure that scientific investment truly delivers economic impact, jobs and growth right across the country;
- Programmes delivered by the fund will be industry-led and powered by multi-disciplinary research and business-academic collaboration;
What are the Challenges?
Below, we take a brief look at some of the Challenges being supported by the Fund:
Healthcare and medicines
£181M to develop first-of-a-kind technologies for the manufacture of medicines to accelerate patient access to new drugs and treatments
Robotics and artificial intelligence
£93m to develop AI and Robotic systems that can be deployed in extreme environments that occur in offshore energy, nuclear energy, space and deep mining.
Clean and flexible energy
£246m Faraday Battery Challenge Fund to develop world leading batteries, designed and manufactured in the UK, to fully exploit the industrial opportunity of vehicle electrification. By 2025, the UK market alone will be estimated at £5 billion with Europe at £50 billion.
£38M to develop the AI and control systems need to drive vehicles autonomously through complex environments. An industry which is predicted to be worth £63 billion by 2035, car technology is advancing at such a fast pace, the challenge is to make it a safe, viable option for the roads.
Manufacturing and materials of the future
£26M to develop the next generation of affordable light-weight composite materials for use in aerospace applications
Satellites and space technology
£99M to develop next generation launch technologies and manufacturing and testing capabilities that will allow the UK to construct satellites and deliver payloads into orbit
The second stage of challenges to receive funding will be:
- Transforming construction – £170 million funding towards the infrastructure to help make the industry more productive, competitive and sustainable;
- Data to early diagnosis & precision medicine – For leading-edge healthcare, £181 million will be made available for new medicines, vaccines and advanced therapies;
- Transforming food production – as we will need 60% more food by 2050, a £90 million fund will be given to support new developments in precision agriculture and food production;
- Next generation services – financial and professional services given £20 million funding;
- Energy revolution – £102.5 million for smart, clean energy systems;
- Healthy ageing – to help our ageing population to live an active, independent and happy lives, a fund of £98 million has been announced;
- Audience of the future – £33 million investment in to virtual, augmented and mixed reality technologies;
Quantum technology – An initial £20 million to pioneer a fund to help transform industries such as automotive, cyber security, defence, healthcare, infrastructure and telecommunications. Enhancing product capabilities with developments to sensors, consumer electronics and digital services;
Other related Blogs to catch up on How Technology and Digitalisation are Transforming UK Manufacturing, The Fourth Industrial Revolution and The Future of British Manaufacturing