Innovate UK, the UK’s innovation agency, will be offering a “Women in Innovation Award” that will provide up to 10 women with £50,000 each to help them scale their business ventures.
The Women in Innovation program was first launched in 2016 and since then the number of women leading applications for grants to Innovate UK has increased by 70%. Since 2016 Innovate UK has engaged a new community of over 3000 women in innovation.
According to a note published by the UK government, the news was announced on 8 March 2020, International Women’s Day, by the UK’s first dedicated female Science Minister Amanda Solloway.
Citing data from the Alison Rose Review of Female Entrepreneurship, it has been estimated that an additional £250 billion could be contributed to the UK economy if female entrepreneurs started and scaled their businesses at the same rate as men.
Ian Campbell, Interim Executive Chair of Innovate UK, said that diversity in business is a proven driver of economic growth. Innovate UK has enabled winners to embrace innovation to expand and grow their businesses.
“By continuing these efforts we can help bring attention to many inspirational role models for our next generation of innovators, strengthening the UK as a world leader in innovation,” said Campbell.
Previous winners of the Women in Innovation Awards include:
- Daniela Paredes Fuentes the creator of Gravity Sketch, software that allows designers to sketch in 3D.
- Agnes Czako who invented AirEx, a smart-tech airbrick that could help householders save money on their energy bills by improving the energy efficiency of tens of millions of UK homes.
- Dr Debbie Wake who is the CEO, co-founder and clinical lead for My Diabetes My Way – a self-management platform for diabetes patients.