Prime Minister Promises Additional £45 Million for ‘Internet of Things’

Prime Minister David Cameron has announced an extra £45 million of Government funding through the Technology Strategy Board to stimulate innovation by UK businesses in the internet of things (IoT), taking the total public sector investment to £73 million.

The IoT promises a smarter, more connected world, with the potential to make a positive and profound impact on the way we live – in our cities, across energy and transport systems, in hospitals and as people move around in their personal and working lives.

Mr Cameron said: “There are developments that could allow literally billions of everyday objects to talk to each other over the internet – using low-cost, low-power chips… This has enormous potential to change our lives.

“Electricity meters that talk to the grid to get you the best deals; health monitors that keep an eye on your heart rate or blood pressure; water pipes that warn of a fall in pressure; yes, and even a fridge that can order your milk.

“I see the internet of things as a huge trans-formative development – a way of boosting our productivity, of keeping us healthier, making transport more efficient, reducing energy needs, tackling climate change.”

The European internet of things grant fund will take the form of a Launchpad competition run by the Technology Strategy Board in conjunction with Tech City UK.

Further details of the new Launchpad competition will be published when available on the web pages of the Internet of Things special interest group

Source: Technology Strategy Board, 10/03/2014