Since it was created in 2007, the funding agency Innovate UK has seen a remarkable rise in its budget.
In a recent parliamentary answer, science minister Chris Skidmore outlined the huge increase in the innovation agency’s spending power over the years.
“Over the last 12 years Innovate UK, now part of UK Research and Innovation, has invested over £2.2 billion in innovation,” he said. “This has spanned more than 11,000 projects that have generated up to £16bn in gross value added for the UK economy and 70,000 jobs.”
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