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Government plans capital fund for small hi-tech firms. Pearson May News Update - Tuesday 30 June
- Credit rating 'problems' for smaller businesses
- Government plans capital fund for small hi-tech firms
- Credit rating 'problems' for smaller businesses
- Government plans capital fund for small hi-tech firms
Government plans capital fund for small hi-tech firms
The government has announced details of a venture capital fund designed to support small technology businesses.
The innovation fund forms part of the government’s draft legislative programme.
The government itself will put £150 million in the fund with the aim that matching investments from the private sector will see as much as £1 billion raised over the coming years.
Gordon Brown, the Prime Minister said: “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.
“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 fund, which was initially outlined in the Budget, will be targeted at firms making hi-tech products.
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