Tuesday 25 Jun 2013 @ 11:07
Department for Business, Innovation and Skills
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Green light for £1 million boost to UK motorsport industry

A £1 million competition to help small and medium sized enterprises 

The Technology Strategy Board’s latest ‘Launchpad’ competition will give UK businesses working as part of England’s Motorsport Valley, around Oxfordshire and the surrounding counties, the chance to compete for funding.

The investment will allow businesses to develop new energy and emission efficient technologies that could be transferred into the pit lanes of famous races such as the Monaco Grand Prix, Indy 500 and Le Mans 24 Hour. The technologies could also be used across the transport, aerospace and defence industries.

The ‘Launchpad’ competition is being opened ahead of this week’s British Grand Prix at Silverstone. Universities and Science Minister David Willetts said:
The Motorsport Valley business cluster is a hotbed for innovation and a key driver for growth in the UK. With over 3,500 business employing around 40,000 people, the area is already generating global sales in the region of £7 billion.
This new £1 million Launchpad will give some of our brightest companies the chance to strengthen the industry, bring in further investment, and keep the UK as a world leader for the motorsport industry.
Chief Executive of the Technology Strategy Board Iain Gray said:
Motorsports Valley is one of a whole host of Launchpads that we are running this year. We aim to draw more investment and more people into the area and to encourage networking to strengthen this cluster of motorsport companies.

BCCFR