Innovate UK has initiated Next Wave, a new growth programme designed to support micro businesses and small to medium enterprises (SMEs) operating at the intersection of creative and technology sectors. The programme aims to help these businesses develop, commercialise, and scale innovative products and services within the UK.
The initial pilot, Breakthrough Wave 1, saw £10 million invested and received 700 applications from creative technology businesses across the UK. Innovate UK plans to introduce further Next Wave opportunities in 2027, focusing on areas such as film and TV, video games, music, performing and visual arts, and advertising and marketing.
By 2035, Next Wave has targets to support the creation of at least 10 future centaurs and two future unicorns, with an aim to unlock over £300 million in private investment. Dr Joanna Choukeir, Deputy Director, Creative Industries at Innovate UK, stated that the programme is about "backing the people pushing the boundaries of what’s possible when creativity meets technology."
Alongside the Next Wave investment, the Creative Trade Forum has been launched. This new partnership between government and industry seeks to enhance UK creative businesses' exports, attract investment, and improve international competitiveness. The forum, which reports to the Creative Industries Council, includes leaders from organisations such as YouTube, the British Film Institute, Innovate UK, and BBC Studios.
Tom Fiddian, Head of Creative Industries at Innovate UK, highlighted that the UK's creative industries generate £145 billion in GVA annually. He expressed enthusiasm for the forum's potential to help creative businesses scale and retain intellectual property and long-term value within the UK.