Motorsports group faces engineering funding deadlineChris DruceThe Motorsport Industry Association (MIA) has eight weeks to raise £3m from the electronics, aerospace, motorsport and defence sectors. If successful the Government will release a further £6m to be used for the benefit of the high-performance engineering sector.
"The DTI has been searching for a project that can provide a suitable catalyst to drive the high-performance (HP) engineering sector forward in the UK," Chris Aylett, CEO of the MIA, told Electronics Weekly.
Aylett said the money would go into a pot to promote greater co-operation between engineering sectors through seminars and other events. MIA’s plan is to open up the motorsport sector to other engineering firms, including electronics. It is hoped this will create more jobs for engineers in the industry.
"Motorsport teams are experts in accelerating technology development, managing large teams of engineers and dealing with complicated logistics - skills that can be incorporated to strengthen the HP engineering sector," said Aylett.
Although there is currently some degree of knowledge transfer between sectors, Aylett argued there could be more. "At a time when we are struggling in this country to recruit new engineers there is the potential to use the glamour of motorsport to attract fresh blood into the industry," said Aylett.
The DTI will release £1m a year if the MIA can achieve pound-for-pound backing from industry. If successful, there is another £3m available over three years from the Regional Development Agency.
Aylett said the MIA had already received several substantial commitments.