The UK Government has recently announced a new incentive scheme aimed at providing new avenues into the defence sector for UK technology startups.
The funding has started off with a total of £20 million available on offer to small and innovative British startups. The funds will be used to accelerate contracts with these businesses that have had either no or limited business with the Ministry of Defence.
The aim of the support is to bring more UK-owned technology companies into the UK defence sector, both to support growth in the sector but also to strengthen the UK defence industry.
The new scheme will offer the following:
- New avenues for small and growing businesses in the defence industry.
- Support for British technology companies to help create new technology for use in the UK armed forces.
- Help bring new and further innovations in the UK defence industry.
The Ministry of Defence has also committed a further £2.5 billion through to May 2028 to increase the funding available, with a project totalled spending reaching £7.5 billion.
If you are small UK owned technology company now might the best time to look to break into the UK defence industry, especially if you think your business would qualify for the additional funding.
