£ 375m Future Fund: An application breakthrough begins to help high-growth R & D-intensive companies bring game-changing technology to market
The government will co-invest with private investors to help drive innovation, drive the economy and create jobs across the UK’s industry, including life sciences and clean technology.
Prime Minister Rishi Sunak will host a groundbreaking Treasury Connect conference in London later this year to bring together the CEOs and investors of Britain’s largest tech company.
UK-wide Future Fund: Under a groundbreaking scheme, the government will invest £ 375m in fast-growing companies seeking to raise at least £ 30m. To qualify, a company must have a 70% commitment to a round of investment from individual investors who have a proven track record of funding innovative companies such as venture capitalists.
The scheme spans the UK’s world-class industries such as life sciences, quantum computing and clean technology, and solves some of society’s biggest challenges, from the development of life-saving new drugs to the technologies that support the UK’s transition. Accelerate the development of breakthrough innovations that can be made. Net zero. This is part of the government’s multi-billion pound investment in research and development to build the economy of the future, create skilled jobs, and solidify Britain’s position as a scientific superpower.
In addition, Prime Minister Rishi Sunak announced today that he will host the Treasury Connect Technology Conference in East London in September to bring together the CEOs and senior leaders of Britain’s largest tech companies and investors.
Minister of Finance Rishi Sunak said:
Our Future Fund: A groundbreaking scheme gives innovative companies across the UK access to the funds they need to scale up and bring transformative technology to market. Meanwhile, Jobs is part of a plan to create highly skilled jobs and boost the economy.
Technology and innovation will be at the heart of our future economy. As a result, we are investing billions of dollars in research and development to solidify our position as a world leader in this area.
Above all, our investment facilitates collaboration between the most ambitious entrepreneurs and individual investors, and of breakthrough products such as new drugs and green technologies that have the potential to change our lives better. An economy that creates highly skilled jobs that help boost the UK while supporting commercialization.
Executive Secretary Kwasi Kwaten said:
The support we have provided over the past year has not only helped businesses survive the pandemic, but also promoted future growth and employment, making the UK a global innovation powerhouse.
The original Future Fund has been very successful in helping state-of-the-art companies fuel the engines they need to actually move their motors forward. We are building on it with the new Future Fund: Breakthrough scheme.
Due to the high R & D costs, breakthrough technology companies typically require more capital over a longer period of time to bring their products to market.
The UK’s most innovative companies are the main drivers of future growth, with 1% growth of these companies estimated to have the potential to grow the UK economy by £ 38 billion.
In March 2020, the government introduced a Future Fund to successfully support high-growth sectors during a pandemic and keep its potential unrestricted. The scheme provided over £ 1 billion of convertible bonds to 1,190 companies to survive the pandemic.
The government supports innovative companies through the highest level of growth plans in 40 years, including Future Fund: Breakthrough, the next innovation strategy, and £ 14.9 billion in R & D spending.
Future Fund: The breakthrough event will be announced in the 2021 budget and will be provided by the Government’s UK Business Bank through its subsidiary UK Patient Capital. The government has already committed more than £ 1.3 billion to expand its portfolio of over 500 high-growth, innovative companies through UK patient capital.
This will allow you to apply on a rolling basis to R & D-intensive companies that have established operations in the UK.
For more information on eligibility and criteria, see. British Business Bank
Future Fund: Breakthrough is separate from the Government Future Fund and will address the pressing funding challenges faced by Covid-19’s innovative and equity-backed British companies in April 2020. New applications launched in May are closed
Future Fund: Breakthrough requires key investors to sign the Treasury Women’s Investment Act. This promises to improve the access of female entrepreneurs to tools, resources, and funds for businesses.
During the pandemic, as part of its £ 350 billion employment program, the Prime Minister promoted over £ 2 billion in investment through the Future Fund to prevent high-growth companies from being adversely affected by the pandemic.
As announced in the March budget, our innovation strategy represents the steps the government will take to boost innovation in the UK.
Government spending on R & D from 2021 to 2022 was £ 14.9 billion, the highest level in 40 years, with total public and private R & D investment 2.4% of gross domestic product (GDP) by 2027. It shows progress towards the goal of increasing to.
More than ever in core research after the November 2020 Spending Review announced that the government would increase investment in core UKRI and national academy-funded research by more than £ 1 billion between 2023 and 2024. I have invested a lot of money.
To put it all together, we’ll double R & D’s public funding to £ 22 billion, making more funding available to UK scientists than ever before.
A new £ 375m scheme opens up for applications to facilitate investment in future innovative companies
SourceA new £ 375m scheme opens up for applications to facilitate investment in future innovative companies