Innovation

(asked on 8th June 2022) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, whether his Department is taking steps to de-risk innovative, high tech spinouts from universities for investors.


Answered by
George Freeman Portrait
George Freeman
This question was answered on 13th June 2022

Improving our ability to commercialise ideas from our world-leading research base is critical to becoming an Innovation Nation. That is why we committed in the Innovation Strategy to enhance the broad system of support for commercialisation, and why we provide financial support to a significant proportion of high-tech spinouts. This includes UKRI funding to de-risk specific R&D projects, and British Business Bank support for investors providing external capital. In the hon. Member’s own constituency, the Northern Accelerator, a partnership of five universities supported by £8.5 million from UKRI, is de-risking spinouts by establishing a seed investment fund.

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