Applications open for new £8 million High Street fund

The government is offering new funding to firms that can provide innovative ways to rejuvenate the UK’s High Streets.

The £8 million fund will be disbursed by the Technology Strategy Board (TSB), and will be extended to businesses that offer technology solutions to what many see as an ailing High Street.

The Board will particularly concentrate on areas including travel, traffic, and logistics.

The first £2 million of the funding, which will be known as Re-Imagining The High Street, will be made available to test the feasibility of plans, with the remainder dedicated to instituting them.

Science and universities minister David Willetts said: “By developing innovations to regenerate the retail sector we will be able to breathe new life into the UK’s High Streets.

“This competition 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 boost the UK economy.”

TSB head Iain Gray highlighted that the funding competition is not only for small businesses. “This competition is aimed at encouraging businesses of every size to come up with innovations that address key challenges,” he said, “such as ways we can combine both physical and virtual shopping or develop real-time parking information.”

Interested businesses can read more on the TSB website.