§ Llew SmithTo ask the Secretary of State for Trade and Industry what initiatives she intends to take to support innovation in small and medium-sized enterprises. [3945]
§ Nigel GriffithsMy right hon. Friend the Secretary of State for Trade and Industry announced on 13 June a review of all DTI business support schemes, and I cannot pre-empt the results of that review.
In the meantime—through its agency, the Small Business Service—the DTI is continuing to support innovation in small and medium-sized enterprises (SMEs) with schemes such as Smart and TCS. Smart helps SMEs fund research and development into innovative products and processes, or buy external consultancy to improve their use and exploitation of technology, while TCS helps businesses access the knowledge and expertise available in universities, higher education institutions and research organisations.
The DTI also worked with the Treasury on the introduction last year of the research and development tax credit for SMEs, to help meet the costs of developing innovations.