The Centre for Defence Enterprise (CDE) will bring together the efforts of investors, inventors, entrepreneurs and academics to develop solutions to the problems facing today's soldiers.
Baroness Ann Taylor, Minister for Defence Equipment and Support, said that the Centre aimed to use the talent of UK industry and academia to create the "next generation of military of technology".
"It is an exciting opportunity to expand the MoD's science and technology supplier base for defence," she continued.
The UK’s academic strength
"We are looking for the innovative solutions and technology that will provide our front line with the battle-winning edge," the baroness concluded.
The CDE is based in the Oxford-London-Cambridge 'golden triangle' and is modelled on commercial science parks and enterprise centres.
Applicants have been asked to submit proposals for new technologies, with the emphasis being on quick delivery of working products to the frontline.
Proposals for CDE projects can be submitted online, with assessments taking as little as 15 days.
Support from military scientists and engineers, as well as the use of MoD trial and testing facilities, will be granted to successful projects.
