By Charlotte Webster
The British government has Government unveiled almost £3 million new fund for visionary, entrepreneurial female innovators, with plans to dish out £50,000 per female who can develop solutions to address climate change, health issues
The huge financial support for women and science and innovation comes on International Women’s Day and during British Science Week. Over 100 entrepreneurial women and young people are set to benefit from government-backed funds to turn inspiring ideas into thriving businesses. The UK’s first dedicated female Science Minister, Amanda Solloway,(pictured) committed almost £3 million and a package of business support to help inventions by women and young people like clean energy solutions and healthcare services.
Female entrepreneurs could contribute £250 billion to the UK economy if they started and scaled their businesses at the same rate as men.
Speaking on International Women’s Day, Science Minister Amanda Solloway said:
”Looking through the UK’s history, we find inspirational women in every decade, from Ada Lovelace to Rosalind Franklin and Dorothy Hodgkin. Their discoveries had a profound impact on all our lives.
We are committed to supporting women and young people and opening up new opportunities for them. Initiatives like the Women in Innovation Awards and the Young Innovators’ Awards will help the next generation of inventors turn their unique concepts into businesses.
Of the government’s funding commitment, £2.2 million will go to the Young Innovators’ Awards. In partnership with The Prince’s Trust, the government-backed award will support young people with creative and ground-breaking business ideas to turn these into reality. The package will include a £5,000 grant, one-on-one coaching and an allowance to cover living costs. The 3-year national programme aims to target 18-30 years olds from a variety of backgrounds.
Ben Marson, Director of Partnerships at The Prince’s Trust:
”At The Prince’s Trust we believe that every young person, no matter their background, should have the chance to thrive in work. We know the immense potential and entrepreneurial spirit of UK young people but not everyone has the opportunity to turn their ideas into reality.
Working with partners like Innovate UK on the Young Innovators initiative allows us to encourage and enable entrepreneurship and innovation among more young people and bring diverse ideas and businesses into the economy.
A further £500,000 will be provided to pioneering female entrepreneurs to develop innovations such as those to tackle climate change, developing new treatments and services for healthcare patients and cleaner transport. Ten female inventors will be awarded with a cash injection of £50,000 each, as well as receive coaching and mentoring”.
Ian Campbell, interim Executive Chair, Innovate UK, has said:
”Diversity in businesses is a proven driver of economic growth. Through our focused campaigns we have shown how Innovate UK’s support has enabled winners to embrace innovation, expand and refine global product ranges, and continue to grow and develop their own diverse teams.
By continuing these efforts we can help bring attention to many inspirational role models for our next generation of innovators
Previous winners of the Women in Innovation Awards have had a huge impact developing ideas while creating a new community of female entrepreneurs, proving that anything is possible. They 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.
An ongoing rollout of purple plaques at UK schools to celebrate award winners, engage students and leave schools with a lasting connection to women’s roles in innovation is also to be introduced by the British government as part of the Women in Innovation programme. There is also a new partnership with Founders4Schools to highlight the importance of women-led businesses engaging with schools to inspire future innovators.
The annual Global Business Innovation Programmes that showcase UK women innovators and provide them with access to international research and innovation opportunities and build networks across different countries is also included in the list of female groups to be both empowered and celebrated.