The Technology Strategy Board will, according to the Department of Trade and Industry, be independent of government, business led, and expertly informed through engagement with stakeholders in the science base and business. The Board is obliged to provide clear and transparent guidance in setting funding priorities.
It will guide technology strategy across Government, as set out in the 10-year framework for science and innovation published in July 2004.
The Government has allocated £320 million to the technology strategy over the period 2005-2008, and will use the Board to identify key technology areas for funding, focusing on those areas crucial to the growth of the UK economy.
The Board's recommendations will be implemented mainly through DTI business support products, and funding will be delivered through regular competitions using two of those products: Collaborative Research and Development and Knowledge Transfer Networks.
A preliminary competition in the field of micro and nanotechnology was announced on 28th January 2004, while the first major competition for £50 million under the technology programme was announced on 26th April 2004.
The Board will be in place to advise on priorities for the next major competition, scheduled for 29th November this year.
Welcoming the appointment, the Science Minister, Lord Sainsbury said:
"The Technology Strategy Board will bring business foresight directly into the heart of decision-making on technology funding initiatives and strategy. We know that innovation works best where there is a strong market demand and the Board under Graham's chairmanship will be clearly focused on this agenda."