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£1bn tech fund unveiled by Brown

Jun 30 2009

A venture capital fund to support technology-based start-ups and small companies has been launched by the prime minister.

The government will invest £150 million in the UK Innovation Investment Fund, matching private sector investment, with the aim of raising £1 billion over the next ten years.

Investment will come from the Department for Business, Innovation and Skills, the Department of Energy and Climate Change and the Department of Health, with the focus being on clean technology, advanced manufacturing and the digital and life sciences.

Prime minister Gordon Brown comments: 'This fund will help build Britain's future by investing in key sectors. It will provide crucial support for our most promising start-ups and existing small companies just when they need it most.'

He also describes venture capital finance as the 'lifeblood of innovation' and claims the initiative will boost the UK's competitiveness by allowing research discoveries to be commercialised.

Lord Peter Mandelson, business secretary, adds that the fund will encourage venture capitalists to follow the government in supporting Britain's entrepreneurs and small companies.

Earlier this month, regional development agency Advantage West Midlands revealed that an extra £1.5 million has been channelled into the Aerospace Technology Exploitation Programme to help small and medium-sized firms working on new aircraft projects.

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