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David Cameron promises £1m for 'big ideas' David Cameron promises £1m 'Longitude Prize' for big ideas
(about 13 hours later)
David Cameron is to offer a £1m payment to anyone who can "identify and solve the biggest problem of our time". The UK government is putting up a £1m prize for what it calls a new "grand innovation challenge".
The prime minister will say: "We are looking for the next penicillin, aeroplane or world wide web." The award was announced by the Prime Minister David Cameron at a special summit linked to Britain's leadership of the G8 group of countries.
In a speech in east London, he is expected to argue that the UK needs such innovation to compete with other global economies. He said the prize should reward the "next penicillin", or the plane that could fly carbon-free to New York.
The announcement comes ahead of the UK hosting the G8 summit of the world's leading economies. The Prime Minister likened it to the 1714 Longitude Prize that was famously won by the clockmaker John Harrison.
Addressing "a room full of innovators" at the associated G8 Innovation Conference, Mr Cameron will say the government is creating a modern version of the Longitude prize launched by Parliament almost 300 years ago to help improve navigation. The Yorkshire man produced the first truly accurate marine chronometer with which to navigate safely at sea.
'Opportunities' David Cameron said the payment should go to the idea that solved "the biggest problem of our time".
He will say: "We want people to think big. What does the world need and how can we achieve that? We are looking for the next penicillin, aeroplane or world wide web. What that problem is should be identified by public. This, he said, would stimulate a global innovation debate.
"Can we grow limbs or create universal low carbon travel? Something that is going to really revolutionise what we do and how we live our lives - sending us sprinting ahead in the global race. What is the biggest challenge the world faces in the coming years, and how do we solve it?" "There are so many problems in our world that need that amazing solution, whether it is a cure for dementia, solving the problem of diabetes, having a flight from Britain to New York that's carbon free. Let's challenge the public and challenge the scientists for which is the great problem we want to crack," Mr Cameron told his audience at the Siemens Crystal Building in London.
The prime minster will also launch the Information Economy Strategy, focusing on the "growth opportunities of cloud computing", which he will say will help 1.6 million small and medium-sized businesses increase their online presence. "I'm thinking of something - Britain's Got Talent, you know, you switch on the TV and you watch the dog jumping over the pole, or whatever it is. Let's actually get the nation engaged on what the biggest problems are in science and in our lives that we need to crack, with a multi-million pound prize to then help us do that."
The Astronomer Royal, Lord Rees, will chair a new Longitude Committee. David Bott, from the TSB, said: "This competition aims to get the whole country thinking about how to tackle major challenges through innovation.
He is expected to say: "More than any time in history our world is being shaped by innovation, new ideas, new technologies and new companies. This is the story of the global economy. "That is why we are very happy to provide the initial prize money for this new venture. We hope it will galvanise the best minds in our country to think about how we can really transform our economy - and our lives - for the better."
"Countries around the world have got to get this. Jobs and growth depend on it. We've all got to open up our economies to innovation, we've got to nurture new ideas, we've got to bend over backwards to attract the best and the brightest. A global race is under way and it is waiting for absolutely no-one." The prize will be administered by the Technology Strategy Board (TSB), which makes targeted investments in UK companies to help bring them to market or expand their market share. The chair of the new "Longitude Committee" will be the English Astronomer Royal, Lord Rees.
David Cameron also used the event to launch the Information Economy Strategy, focusing on the "growth opportunities of cloud computing", which he said would help 1.6 million small and medium-sized businesses increase their online presence.
The G8 summit will take place at the Lough Erne golf resort, Enniskillen, on 17 and 18 June 2013.The G8 summit will take place at the Lough Erne golf resort, Enniskillen, on 17 and 18 June 2013.