The Technology Strategy Board is to invest up to £2 million in feasibility studies for technology projects led or undertaken by small companies.

The Technology Strategy Board is to invest up to £2 million in feasibility studies for technology projects led or undertaken by small companies.

Projects eligible to receive funding may be collaborative or carried out by a single company. They can cost up to £33,000 with funding for up to 75 per cent of costs (£25,000) available.

The competition, called Feasibility Studies for Technology-Inspired Innovation, aims to stimulate innovation across areas of technology including advanced materials, biosciences, electronics, phototonics and electrical systems, high value manufacturing, information and communications technology and nanotechnology.

The competition opens on 10 January 2011 and closes on 10 February 2011.

Companies will present the outcome of the projects at an event due to take place in autumn next year.