The UK Technology Strategy Board is offering to invest up to £10 million in new research and development projects that stimulate innovation in advanced materials, biosciences, electronics, sensors and photonics, and ICT.

To receive funding proposals should focus on projects that "advance the development of a recent technological discovery or breakthrough", which can be "broadly applied across a wide range of market opportunities and needs", said the Board.

Additional funding may be available from the Engineering and Physical Sciences Research Council (EPSRC) and the Biotechnology and Biological Sciences Research Council (BBSRC), for projects in line with the scope of the Technology Strategy Board's funding round.

The funding round has two strands. The first is a single-stage fast-track process for projects lasting between 6 and 12 months that must be led by an SME. The second is a two-stage process for projects lasting between 12 and 24 months, which can be led by a company of any size, though each consortium must contain at least one SME partner.