Dr Cable made the pledge ahead of his keynote address at the WorldSkills 2011 competition taking place at The ExCeL in London. He will use the speech to outline further details of how the money will allow employers to deliver more effective skills solutions through apprenticeships, new professional standards and closer partnerships with education and training providers.
Dr Cable said: "Sustained economic recovery will depend on our ability to excel in the high tech skills that our most innovative companies need to compete in the globalised economy.
"That is why this Government is committed to skilling-up our workforce through work based training. By providing concentrated seed funding for employer led projects that attract further investment from business, we're targeting money where it will be best placed to drive growth."
Work is now being undertaken on the development of future rounds of the Growth and Innovation Fund (GIF), which will deliver up to £50m of government investment per year. An announcement will be made later this year regarding investment for 2012.