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UK Innovation Investment Fund for High Growth Tech Startups is Announced
After the Aspire Fund for women-led companies with only £12.5 million pounds, and the £75 million Capital for Enterprise Fund, the government has stepped up its generosity by launching a £150 pound government-backed UK Innovation Investment Fund to invest in technology businesses with high growth potential. In 10 years time, the fund can grow to a £1bn fund. Startups, small ventures and spin-outs, with a focus on digital services and life sciences, clean technology and advanced manufacturing will be able to benefit from the funds.
However, the new UK Innovation Investment Fund will most probably invest into other existing technology funds rather than invest in companies directly. This means that companies could not apply directly to the Fund.
According to theVNUnet news source, some £150m will be provided by a pool of backers comprising the private sector, the Department for Business, Innovation and Skills, the Department of Energy and Climate Change and the Department of Health.
The new fund is part of the yesterday unveiled Building Britains Future policy programme of Gordon Brown:
“The fund will provide much-needed support for promising startups and small businesses at a time 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. The fund will boost future UK competitiveness.”
The last couple of months, there has been much to do, about the diminishing activity of VC’s in the UK. According to Lord Mandelson, the fund is a challenge to UK venture capitalists to follow the governments lead in backing British entrepreneurs in building exciting new companies, investing in new technologies and creating jobs, he said.
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[...] UK Innovation Investment Fund for High Growth Tech Startups is Announced : The Next Women thenextwomen.com/2009/06/30/uk-innovation-investment-fund-for-high-growth-tech-startups-is-announced – view page – cached he government has stepped up its generosity by launching a £150 p0und government-backed UK Innovation Investment Fund to invest in technology business — From the page [...]