The Government has announced a new Innovation and Research Insights Unit (IRIS) that will identify emerging trends in defence technology and analyse their implications for UK defence and security.

Individuals and companies will be invited to pitch ideas to a Dragon’s Den-style panel, backed by a fund of around £800 million over 10 years. A spokesman said that, once strategy and investment decisions have been taken, a dedicated hub will act as a ‘defence and security accelerator’, “ensuring that innovative solutions are developed at pace to stay ahead of our adversaries”.

Aimed at transforming the Ministry of Defence’s creative culture, the Innovation Initiative is intended to fundamentally change the way defence does business. It will challenge the Government to collaborate better with industry, academia and its allies, and to target new providers to boost the competitive advantage of UK defence. There will be a launch event in September.

Defence Secretary Michael Fallon (pictured) said: “This new approach will help to keep Britain safe while supporting our economy, with our brightest brains keeping us ahead of our adversaries. Backed by a defence budget that will rise every year until the end of the decade, it will ensure that the UK maintains its military advantage in an increasingly dangerous world.

“The Innovation Initiative is part of the Government’s ambition to deliver an economy that works for all by building on the UK’s science, technology and innovation strengths to harness emerging technologies and other smart solutions.”