Innovate UK and the British Enterprise Financial institution (BBB) have strengthened their collaboration by signing a memorandum of understanding (MoU).

The brand new collaboration will see the 2 organisations working much more intently collectively to co-create new alternatives to advertise funding and to help UK companies by way of higher tailor-made choices.

The MoU pledges a collaborative method to supporting companies that search BBB or Innovate UK funding.

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It additionally goals to advertise progress throughout the nations and areas of the UK by way of co-ordinated place-based actions, and to mix experience to develop extra tailor-made choices for smaller companies.

Because the UK’s innovation company, Innovate UK is devoted to supporting inclusive innovation, accelerating corporations on their innovation and progress journey, from commercialisation, by way of start-up, to scaleup, and on to enterprise scale.

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BBB’s mission is to drive sustainable progress and prosperity throughout the UK, and to allow the transition to a web zero economic system, by enhancing entry to finance for smaller companies.

“The MOU and sensible motion plan with the British Enterprise Financial institution are essential steps to additional construct our help for financial progress, elevated productiveness, and expert jobs,” mentioned Innovate UK chief government Indro Mukerjee.

BBB chief government officer Louis Taylor added: “Given our complementary roles available in the market, nearer collaboration with Innovate UK will assist us develop a much better pathway for excellent innovation to be commercialised within the UK, benefiting the economic system, jobs and the innovation ecosystem that we need to thrive.”

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