Part of the Department of Trade and Industry's recently launched "Creating Wealth from Knowledge" programme, the competition is one of a series to be announced over the next five years, with a total investment fund of almost £400 million.
The DTI's immediate plan is to target research and development into design, simulation and modelling – powerful computing tools that allow designers and developers to envisage new systems, products and services – and pervasive computing, which covers ways of embedding devices and computer systems around us to provide access to content, applications and services that are on tap and dynamically personalised.
Other areas covered by the competition include nanotechnology, waste management and minimisation, smart materials, bio-based industrial products, energy technologies, imaging technologies and opto-electronic and disruptive electronic technologies.
"It is not about picking 'winning companies', it is about providing investment where there are clear gaps in the market," said Trade and Industry Secretary Patricia Hewitt. "We want to kick-start research and development in these areas to ensure that the latest ideas and technologies can be turned into businesses, jobs and prosperity for Britain."
The deadline for applications is 7th February 2005.