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Emergency funding for UK technology businesses
09/12/2008
The government has announced it is to set up a billion pound fund specifically to aid small and start-up technology firms that have found themselves in financial difficulties.
Lord Drayson, the science and innovation minister gave the fund his backing last week. This is significant in that the government is now taking real steps to intervene in the industrial arena.
The fund, which was initiated by the National Endowment for Science, Technology and the Arts, was shaped directly by the Prime Minister, together with Lord Sainsbury and Lord Drayson. It is hoped that it will be put into action as soon as Frebruary next year.
Many start-up firms that have yet to reach the point in their development at which they are able to make sales are struggling to get the finance needed to survive.
The government is particularly alarmed at the prospect of its investment into scientific university research, which has been raised significantly over the past few years, could be a complete waste if the firms that are developing this technology are unable to survive their gestation phase.
The technology venture will also source funds from the private sector including private equity, universities and larger companies.
Lord Drayson, the science and innovation minister gave the fund his backing last week. This is significant in that the government is now taking real steps to intervene in the industrial arena.
The fund, which was initiated by the National Endowment for Science, Technology and the Arts, was shaped directly by the Prime Minister, together with Lord Sainsbury and Lord Drayson. It is hoped that it will be put into action as soon as Frebruary next year.
Many start-up firms that have yet to reach the point in their development at which they are able to make sales are struggling to get the finance needed to survive.
The government is particularly alarmed at the prospect of its investment into scientific university research, which has been raised significantly over the past few years, could be a complete waste if the firms that are developing this technology are unable to survive their gestation phase.
The technology venture will also source funds from the private sector including private equity, universities and larger companies.