An Ipsos MORI study has found that Innovate UK grant support has created jobs and new opportunities in artificial intelligence (AI) across the UK.
According to a recent study from the market researcher, AI sector support from Innovate UK has boosted the number of jobs by over 1,100 and has seen grant funding of £323 million matched by £202 million of private investment.
Key findings are:
- ‘Innovate UK had increased the research and development (R&D) spending of recipient firms by £313 million to £666 million by the end of 2019
- ‘around 70% of firms awarded funding secured follow-on funding for subsequent development
- ‘around 20% of lead applicants secured follow-on equity investment, collectively raising over £750 million after being awarded funding from Innovate UK
- ‘support provided by Innovate UK made a significant contribution, increasing equity investment raised by companies by 5.3% to 16.4%
- ‘grants matched by approximately £202 million in private funding
- ‘jobs created totalled 1,132, of which 400 were R&D jobs.’
Read the full Ipsos MORI report here.