The Technology Strategy Board is to invest up to £10m in fast-track and collaborative research and development projects that stimulate innovation across the key enabling technology areas of advanced materials, biosciences, electronics, sensors and photonics and information and communications technology.

Additional funding from the Engineering and Physical Sciences Research Council (EPSRC) and the Biotechnology and Biological Sciences Research Council (BBSRC) may be available for projects in line with the scope of this competition that contain a significant, high-quality academic research component and demonstrate added value by building on or being complementary to their existing research programmes and portfolios.

We are seeking innovative proposals that focus on projects that advance the development of a recent technological discovery or breakthrough in the context of significant and identifiable technological risk, which can be broadly applied across a wide range of market opportunities and needs.

Projects must be collaborative and business-led.

 For clarity please note that ESP stands for Electronics, Sensors and Photonics; ICT stands for Information & Communication Technologies.

 The competition has two strands:

Strand 1 is a single-stage fast-track process. Projects must be led by a small or medium-sized enterprise (SME) and must last between six and 12 months.

Strand 2 is a two-stage competition. Consortia should include at least one SME partner and projects must last between 12 and 24 months.

The competition opens on 3 December 2012.