UK government unveils almost £3 million new fund for visionary, entrepreneurial female innovators.
Over 100 entrepreneurial women and young people are set to benefit from government-backed funds to turn inspiring ideas into thriving businesses.
Today (8 March 2020), the UK’s first dedicated female Science Minister, Amanda Solloway, committed almost £3 million and a package of business support to help inventions by women and young people like clean energy solutions and healthcare services.
Female entrepreneurs could contribute £250 billion to the UK economy if they started and scaled their businesses at the same rate as men.
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, £2.2 million will go to the Young Innovators’ Awards. In partnership with The Prince’s Trust, the government-backed award will support young people with creative and ground-breaking 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 3-year national programme aims to target 18-30 years olds from a variety of backgrounds.
Since the launch of the Women in Innovation programme in 2016, the number of women leading applications to Innovate UK has increased by 70%.