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GMU launches prospectus

The UK Government Motorsport Unit has revealed plans to support motorsport business development in a Prospectus that sets out the objectives, economic outputs and project concepts for the Business Development Strategy Framework of the Motorsport Development Board and invites expressions of interest from cluster stakeholders to deliver them. Organisations have until September 17 to apply for a share of the £2m committed by the GMU to support the four areas identified by the board


They are: Technology and Innovation, International Trade and Inward Investment, Business Finance and Support, plus Interaction and Collaboration.


The purpose of the Prospectus is:


To identify the key areas of business development that the GMU (through the DTI Motorsport Competitiveness Panel's recommendations and the Board's strategic view) wish to invest in over the next five years, in order to raise the economic performance of the UK motorsport industry.


To invite Expressions of Interest from cluster stakeholders, industry, and agencies seeking to deliver these strategic investments.


To inform policy makers, and providers of other business support programmes, of the key areas in this Motorsport Business Development Strategy.


It is not intended to limit innovation or restrict new approaches to addressing the needs identified, but to add value and fill gaps in existing provision, facilitate innovation, promote best practice and encourage collective action. The Board welcomes and will consider expressions of interest to provide an over-all planning and co-ordination resource for the four themes of the Prospectus in order to provide balance to strategic progress across all fronts to benefit the industry and the sport.


The final decision on which Expressions of Interest will be supported rests with the GMU, in consultation with the Motorsport Development Board. Details of the short-listed projects will be announced on October 8. All short-listed Expressions of Interest, will need to be further developed into full project applications that meet Department of Trade and Industry (DTI) appraisal criteria.

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