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A brand new, 拢8 million initiative, designed to re-invigorate UK high streets, has been announced by Science and Universities Minister, David Willetts, today (10 January 2014).

The initiative, a funding run by the UK鈥檚 innovation agency, the , will allow businesses to compete for funding awards, in order to trial innovative ways of addressing the challenges facing UK high streets.

The 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 said:

Technology plays a vital role in people鈥檚 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鈥檚 high streets.

This 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.

High Streets Minister Brandon Lewis said:

Britain鈥檚 shopping culture is changing with online shopping pushing town centres to evolve and exploit new technology to prosper and attract people to their local high street.

This government is committed to supporting high streets and this will challenge them to come up with exciting and innovative ways to be at the forefront of change.

It builds on the 拢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.

Chief Executive Iain Gray said:

There is real appetite among business and consumers to come up with new ways to regenerate our high streets. This 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 拢2 million will be available for feasibility studies in phase 1 of the competition called , and those successful projects will then compete for a further 拢6 million in phase 2.

Notes to editors

1. Further details of the funding competition can be found at .

2. The funding opens on 13 January 2014. The deadline for registration is noon on 26 February 2014 and the deadline for applications for phase 1 of the competition is noon on 5 March 2014. A webinar briefing session will be held at 10am on 20 January 2014.

3. The is being run under the (Small Business Research Initiative) programme that provides opportunities for innovative companies to take advantage of public sector procurement to solve specific problems. competitions are open to all organisations that can demonstrate a commercial potential to their solution. The scheme is particularly suited to emerging and small businesses.

4. The , is the UK鈥檚 innovation agency. Its goal is to accelerate economic growth by stimulating and supporting business-led innovation. Sponsored by the Department for Business, Innovation and Skills (BIS), the Technology Strategy Board brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy.