The MoD has unveiled a £16m SME fund for defense modernization

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The Ministry of Defense has announced a new £16m program that aims to support defense innovation among SMEs.

It is expected that the funding will help small businesses to play an important role in starting prevention programs in the future. The government said the launch of the new program will keep the country at the forefront of defense technology, improve the capabilities of the military, and maintain the competitiveness of the UK industry.

Applicants for funding through the Defense Technology Exploitation Program (DTEP) can receive 50% of the project’s value, up to a maximum of £500,000. Successful applicants’ projects must be funded to support the integration of new technologies, materials and processes into the MoD’s supply chains.

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Head of defense and security, Anita Friend, said: “DTEP is designed to help SMEs join defense supply chains and provide SMEs and large suppliers when working together to solve defense problems.

“For an SME, DTEP provides not only funding but the opportunity to bring innovation into the UK defense supply chain and a way to develop and grow their business. It’s also beneficial DTEP is for large companies, providing early access to new technologies or processes that can help them in business.”

Irish Minister Iain Stewart added that “defence contracts have supported thousands of highly skilled private jobs in Scotland”.

“Scotland is renowned for its innovation in technology and research and I hope to see applications from Scottish companies that can make a big difference to our defense industry,” he said.

The MoD has unveiled a £16m SME fund for defense modernization

Source link The MoD has unveiled a £16m SME fund for defense modernization

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