OVER 100 entrepreneurial women and young people are set to benefit from the UK government-backed funds to turn inspiring ideas into thriving businesses.
The UK’s first woman science minister, Amanda Solloway, committed almost £3 million and a package of business support on Sunday (8) to help inventions by women and young people.
Speaking on International Women’s Day, science minister Amanda Solloway said: “Looking through the UK’s history, we find inspirational women in every decade, from Ada Lovelace to Rosalind Franklin and Dorothy Hodgkin. Their discoveries had a profound impact on all our lives.
“We are committed to supporting women and young people and opening up new opportunities for them. Initiatives like the Women in Innovation Awards and the Young Innovators’ Awards will help the next generation of inventors turn their unique concepts into businesses.”
Of the government’s funding commitment, £2.2m will go to the Young Innovators’ Awards. In partnership with the Prince’s Trust, the government-backed award will support young people with creative 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 three-year national programme aims to target 18-30 years old youngsters from a variety of backgrounds.
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: “Diversity in businesses is a proven driver of economic growth. Through our focused campaigns, we have shown how Innovate UK’s support has enabled winners to embrace innovation, expand and refine global product ranges, and continue to grow and develop their own diverse teams.
“By continuing these efforts, we can help bring attention to many inspirational role models for our next generation of innovators, strengthening the UK as a world leader in innovation.”
The Alison Rose Review of Female Entrepreneurship estimated that an additional £250 billion could be contributed to the UK economy if women entrepreneurs started and scaled their businesses at the same rate as men.
