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<p>Industrial Strategy Challenge Fund (ISCF) projects will bring together world-class
UK research with business investment to develop the technologies and industries of
the future and ensure we capture the value of these innovations to our economy. Delivered
by UKRI, it takes a strategic approach to delivering the challenges across the UK’s
science and business base.</p><p> </p><p>Pivotal to the ISCF is an appetite to take
risk and pursue high return opportunities, as has been successfully adopted in other
schemes, such as America’s DARPA challenges. This means not all ISCF projects may
succeed because of technological and market uncertainties. It will be important that
there is a broad risk appetite to explore promising ideas across the portfolio of
challenges as well as within elements of each specific challenge. The ISCF will place
the responsibility for delivering a challenge in the hands of a ‘Challenge Director’,
who will be leading a expert in the area. Challenge Directors will assemble a portfolio
of projects that span the risk spectrum. Rigorous assessment, encompassing investment
appraisal, on-going monitoring and ex-post evaluation will inform investment decisions.
Through governance and monitoring arrangements, we will ensure that failures are detected
early, review progress and maximise value for money.</p>
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