The Technology Strategy Board has donated £1 million in funding to develop the next generation of internet access connections.

According to the organisation, which specialises in innovation in the UK, businesses in IT will receive the money to carry out early research into how internet speeds of between one and 10GB/s can be established, essentially making internet speeds 100 to 1,000 times faster.

Mike Biddle, the lead technologist on the Technology Strategy Board, explained that the next challenge is to identify ways to address any technical issues which may arise during ultra-fast broadband implementation over the next ten years and how to build with EU collaborations.

He continued: "Our intention in providing this funding is to help British companies establish future European collaborations that will participate in larger EU funding initiatives."

The Technology Strategy Board was established by the government in 2007 and is sponsored by the Department for Innovation, Universities and Skills.

According to a recent survey by Connect, the two biggest IT headaches for businesses were 'everyday hassles with IT' (37 per cent) and 'security concerns' (32 per cent).