Competition will support IoT innovation

The funding competition, backed by Tech City UK and Cambridge Wireless, will support innovative R&D projects centred in and around Cambridge (equipment and communications) and London (software and services). "This competition aims to stimulate these hotspots of IoT industries by enabling companies to move towards commercial success," said the TSB in a statement. "We want to draw investment and people into the areas and to encourage networking and collaboration to strengthen the clusters." More specifically, the TSB says it wants to fund projects that may be too risky for companies to take forward without support or that may take companies into new innovative areas. Up to 60% of eligible costs will be funded for industrial research projects, with individual grants of up to £150k being made available. Projects can last up to 12 months and should be led by companies that are in the early stages of development. The deadline for entries is 3 September 2014.