February 19 The British government announced on the 19th that a new institution called the Advanced Research and Invention Bureau will be established to provide financial support for high-risk scientific research projects that may bring about major breakthroughs.
According to a communiqué issued by the British government on the same day, the new institution will receive a certain amount of government funds to fund researchers to develop and explore new technologies, new products, etc. with transformative potential.
The agency will remain independent and led by renowned scientists to increase the flexibility and professionalism of project allocations and avoid unnecessary approval procedures.
The bulletin said that compared with the usual method of scientific funding, new institutions have higher tolerance for the failure risk of scientific research projects, thus more conducive to the development of some high-risk projects.
This model is also based on the successful experiences of some countries, such as the U.S. Department of Defense Advanced Research Projects Bureau.
“By removing red tape and putting decisions in the hands of real innovators, the new institution will have greater freedom to promote future technological development,” said Kwasi Kwarten, Secretary of State for Commerce, Energy and Industrial Strategy.
The government said that the establishment of the new institution still needs to be approved by Parliament, and the relevant procedures will be completed as soon as possible, with the goal of making the institution fully operational by 2022.
