New support for technology innovators
The government has created a UK Innovation Investment Fund which will seek out small technology businesses including start ups with a high potential for growth. Life sciences, clean technology and advanced manufacturing are likely to be given priority. The fund has £.150 million to invest, including resources from private equity funds.
Speaking about the fund, Gordon Brown commented, 'This fund will provide crucial support for our most promising start-ups and existing small companies just when they need it most. Venture capital finance is the lifeblood of innovation and crucial to ensuring the commercialisation of the discoveries coming out of our research base.'
Rather than invest directly into companies, the fund will operate at arms-length through specialist technology investment companies.
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