Indeed, Universities and Science Minister David Willetts revealed on Friday (December 14th) that £1.1 million will be set aside in a second wave of Innovation Vouchers, available through the Technology Strategy Board.
Firms will be able to use these vouchers to work with universities, technical consultancies and design advisers, among others, helping them develop their products.
"This new wave of Innovation Vouchers will give SMEs a great opportunity to bid for funding that can make a real difference to the growth of their business ideas," Mr Willetts explained.
"They will be able to develop exciting proposals that can make use of open data, which have the potential to unlock great value and boost economic growth."
It comes after Business Minister Michael Fallon unveiled plans to cut excess red tape in Whitehall last week.
Posted by Thomas Fletcher