Innovate UK has announced a new approach to support the government's Modern Industrial Strategy, backing the nation's most promising deep tech businesses. The strategic reset is outlined in a new prospectus published today (19 March 2026).
Commenting on the new prospectus, Sir John Lazar CBE FREng, President of the Royal Academy of Engineering, said:
“This is an exciting announcement that aligns very much with the position of our Academy. For many years we have highlighted the importance of a coherent innovation system that backs deep tech, boosts late-stage R&D, simplifies engagement and ensures companies can access the infrastructure, investment and expertise they need to scale in the UK. It is great to see Innovate UK’s prospectus reflect so much of that evidence. By focusing on strategic support for innovators, the UK can both accelerate commercialisation and give our most promising engineering and technology companies the confidence to compete and thrive in the global marketplace.
“Going forward, it is vital that we retain and target the wider tools that have made Innovate UK so valuable to the UK innovation system. Collaborative R&D programmes, support for innovation friendly procurement and the schemes that enable government departments to invest in and develop new technologies can benefit the companies we already have, as well as those poised to scale. I hope the next phase will set out how these proven mechanisms will continue to be supported. We look forward to working with Innovate UK and with engineering and technology businesses to turn world-leading innovation into commercial success.”
