Technology companies are being urged to apply for a slice |of an £18m fund.
The UK Technology Strategy Board has allocated the finance to stimulate innovation and help UK businesses respond to challenges posed by the economic downturn.
Greg May, lead technologist of the Technology Strategy Board and Alastair Wilson, director of Photonics, Electronics, Sensors and Photonics Knowledge Transfer Network (KTN) visited the Northern Ireland Science Park.
They met tenants from the Park and members of the local research community to encourage them to lodge an expression of interest for the funding competition before the closing date of November 18.
The fund is intended for investment in collaborative research and development projects where recent discoveries or breakthroughs have inspired people to innovate in a context of significant technology risk.
Each successful project could receive between £250,000 and £500,000 investment over a three-year period. The core areas covered are advanced materials, biosciences, electronics, photonics and electrical systems; high value manufacturing; information and communications technology; and nanotechnology.
Norman Apsley, chief executive of Northern Ireland Science Park, said: “The importance of science and innovation to the future of our economy has been underlined by the recent Comprehensive Spending Review where science in effect got a reprieve with a flat cash settlement, recognising its importance as a critical stimulus for economic development.
Visit www.innovateuk.org for details of the competition.