According to UK’s largest business start-up community, Startup.co.uk
UK Prime Minister, Gordon Brown announced earlier this week that the government would invest £150m in high growth technology businesses. The UK Innovation Investment Fund will focus on growing small businesses, start-ups and spin-outs in the digital, life sciences, clean tech and advanced manufacturing sectors.
The investment total will be matched by the private sector, and according to the government, this could lead to enough private investment to build a £1bn fund over the next decade.
“This fund will help build Britain’s future by investing in key sectors,” said Gordon Brown.
“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.”
According to government figures there are 1,093 venture capital backed tech companies in the UK employing more than 40,000 highly skilled workers.
Business secretary Lord Mandelson said the government had identified access to venture capital as one of the ‘critical factors’ in developing innovative UK ventures.
He added: “The [fund] will be a shot in the arm for the British venture capital industry. It is also a challenge to UK VCs to follow the government’s lead in backing British entrepreneurs in building exciting new companies, investing in new technologies and creating new jobs.”
Related Posts via Categories
- #CashlessLagos: Why Should Access Bank Charge Customers To Use Its Electronic Channels?
- CNN Gaffes On African Tech Voices List. Literally.
- Facebook Account Gets Budget Allocation in Nigerian Government?
- How IROKOtv could become the ‘Netflix of Africa’
- Announcing Pre-Release of Techloy Directory!
- Why Google’s Project GNBO Is Net-Colonialism!
- @MobitelNigeria Doesn’t Just Tweet, They Listen To Customer Twiplaints
- TechLoy.com, the new blog in the tech bloc
- Nigerian URL Shortener Yrn.me Redesigns
- Tech Round-up: This Week’s Hottest Tech Stories
- This $1 origami microscope could boost education and healthcare in developing nations
- Beats Music raises up to $100 million of new funding
- Rdio is ditching the Echo Nest in response to Spotify acquisition
- Lean in, desk workers of the world, with this crazy standing chair/desk combo
- Cheap, reliable whole-genome sequencing? Not so fast, say Stanford researchers
- Chelsea Clinton To Silicon Valley: Hey, You're Supposed To Be Changing The World
- 'Soft Electronics' Makes Wearable Computing Something You'd Actually Wear
- Raspberry Pi Gets A Sound Card: 3 Ways To Use It
- Volkswagen: 'The Car Must Not Become A Data Monster'
- How The Oculus Rift Can Help NASA Find Life On Other Planets
- India’s Largest Online Classifieds Site Quikr, Raises $90M Led By Sweden’s Kinnevik
- Sherpa’s Shervin Pishevar’s First $100K Cyrus Prize Goes To Dropbox Co-Founder Ferdowsi
- Alibaba Pays $804M To Take Majority Stake In TV And Movie Producer ChinaVision
- Titanfall Goes Up, Xbox Live Goes Down
- Gogo Teases An App That Could Let Travelers Text And Make Calls During Flights
- Smart kegerator can keep track of how much beer your friends drank
- Technical recruiting is broken: Here are 4 ways to hire better
- Forget what you know: There’s no right way to start up
- You can help search for Flight MH370 with Tomnod’s crowdsourced satellite image platform
- Nikon launches “Behind the Scenes” series for photo enthusiasts
- No, Facebook’s Sheryl Sandberg is not joining Disney
- ComputeNext takes $4M to turn the cloud marketplace into a into a one-stop shop
- Funding Daily: Electricity, clouds, and spam
- Want to save the world from asteroids? Using code? NASA has a job for you
- Game designer will turn a skyscraper into the world’s largest Tetris game
Tagsafrica android apple barack obama barcamp nigeria business careers encipher encipher tablet etisalat nigeria facebook globacom goodluck jonathan google inye ipad Jobberman job search kenya lagos loy okezie microsoft mobile apps Mobile Web mtn nigeria nigeria nokia saheed adepoju silicon valley Social Media social network software developers south africa starcomms startup startups startups nigeria techcrunch technology telecoms ticker Twitter yahoo yarnable youtube