A new £8 million initiative designed to re-invigorate UK high streets has been announced by Science and Universities Minister, David Willetts.
The initiative, a funding competition run by the UK’s innovation agency, the Technology Strategy Board, will allow businesses to compete for funding awards, in order to trial innovative ways of addressing the challenges facing UK high streets.
The competition is seeking innovative technology solutions to boost the high streets by exploring new approaches to retailing/services, logistics and travel and traffic.
Minister of State for Universities and Science, David Willetts says technology plays a vital role in people’s everyday lives and has the ability to influence our movements and shopping habits. “By developing innovations to regenerate the retail sector we will be able to breathe new life into the UK’s high streets.
“This competition will encourage exciting new developments that could change the way business is done across our high streets. Giving shoppers and businesses real time information that they can use to their advantage will make a real difference in helping to boost the UK economy.”
It builds on the £1 billion support package of new tax breaks for shops and sensible changes to planning and parking rules. That investment combined with strong local leadership can help high streets remain at the heart of communities for decades to come.
Technology Strategy Board, Chief Executive, Iain Gray says there is real appetite among business and consumers to come up with new ways to regenerate our high streets: “This competition is aimed at encouraging businesses of all sizes to come up with innovations that address key challenges, such as ways we can combine both physical and virtual shopping or develop real-time parking information.
“Up to £2 million will be available for feasibility studies in phase 1 of the competition called Re-imagining the high street, and those successful projects will then compete for a further £6 million in phase 2.”