The search for the UK’s next defence unicorn has kicked off with the launch of a bespoke £20 million fund.
The search gets underway as the UK Ministry of Defence launched the new Office of Small Business Growth this week, aiming to make it easier for SMEs to navigate the MOD procurement system and bring in new suppliers.
The new Deputy Director - Office for Small Business Growth, Tim Ketton-Locke, took part in the most recent Seawork Insight webinar ‘Defence as an Engine for Growth’, exploring how the commercial workboat industry strengthens the UK’s defence supply chain, fosters innovation, and supports high-value jobs, particularly in coastal and regional economies – click the link to watch.
The new office recognises that defence procurement has been too slow and complex to navigate and will help to resolve these challenges to deliver real change to how the MOD procures - breaking down barriers and opening new avenues for innovation to ensure that SMEs can play a vital role in making Britain secure at home and strong abroad.
Defence Secretary John Healey MP said, “If our entrepreneurs are willing to take chances, we must be willing to take them too. This is about a Britain that rewards risk takers and innovators and gives people the belief that this government will back them.”
Backed by the Ministry of Defence’s commitment to spend an additional £2.5 billion through to May 2028, taking total spend with small and medium enterprises to £7.5 billion, the bespoke £20 million fund will offer accelerated contracts to small, innovative British startups who have had limited or no business with the Ministry of Defence.
Contracts awarded through the new fund will be driven by the requirements of the UK Armed Forces, led by UK Defence Innovation (UKDI). UKDI will lead the search for the best UK technology to exploit, broken into sets of technology and capability themes including AI, Machine Learning & data science; robotics & autonomy and Enhanced Precision Weapons.
