UK businesses have until March 26th to apply for a share of a £50 million the DTI has allocated to fund research into commercial applications of nanotechnology.

The fund has been established to help ensure that the UK does not miss out on a market which the US National Science and Technology Council Nanoscale Science, Engineering and Technology sub-committee (2001) estimates will be worth $1 trillion globally, in the next 10 years.

Lord Sainsbury, science and innovation minister, said it is vital that the UK gains a significant share of this emerging market.

The money is to be doled out in stages over the next three years. Further calls for applicants are planned for early 2005 and 2006.

In this first round of funding, £15 million is available for about 30 projects. Applicants should apply for a grant that would cover up to half of a project’s costs, and should also note that applications must be collaborative and involve at least two UK companies.

Once the outline proposals have been assessed, between 60 to 90 will be asked to proceed to the next stage and provide full proposals for further consideration.

Businesses interested in applying for a grant from this programme should visit www.mnt.org" for all relevant forms and guidance. A series of roadshows for potential applicants are also being held at the following locations around the UK:

• Manchester, Hilton Manchester Airport - 12 February
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• Bristol, Holiday Inn, Bristol Filton - 16 February
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• London, Ernst & Young LLP, SE1 - 18 February
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