Science Minister Sam Gyimah has launched the UK Chairmanship of the international innovation network EUREKA, to hunt for world-changing products and services needing support to reach the market.
He attended the event celebrating the UK taking on the chairmanship of EUREKA- a global network which has invested nearly £35 billionn in projects in 40 countries worldwide- for the third time. EUREKA, brings together more than 40 nations to collaborate on research and development.
During the one-year Chairmanship, the UK will invest an extra £10 million to support UK businesses and innovators bring new products to market.
Sam Gyimah said: "Here in the UK, as we prepare for leaving the European Union, we face an important question: how will we, as a country, make our way in the world? What sort of country do we choose to be? My answer to this is clear: we will only thrive if we embrace ideas and openness, and double down on an innovative economy. Our Industrial Strategy will be key to this."
The UK’s EUREKA Chairmanship begins on 1 July.
Since its creation in 1985, EUREKA has supported a range of companies and organisations.
One was the development of an effective and highly accurate blood test to detect transplant diseases has been led through a UK and Belgium EUREKA project. Its impact has reduced transplant costs by better targeting resources and is helping to improve patient’s recovery from transplants.
EUREKA is a unique network which brings together the largest grouping of national ministries and innovation agencies, including UK Research & Innovation, to support global business-focussed research and development. It aims to help businesses grow and encourages greater collaboration across borders.
Since EURKEA was founded in 1985, businesses involved have shown an additional annual turnover growth of 15% better than non-participants one year after the project finishing and companies in Eureka showed an additional annual employment growth of 7% compared to non-participating firms.
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