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Government to raise £1bn for technology start-ups
The government have unveiled plans to provide £150m worth of funding for technology start-ups this year.
The funding will be provided by the government alongside private sector investors, and a target to reach £1bn within 10 years has been set.
The UK Innovation Investment Fund has been set up to address a lack of funding for venture capitalist groups, which have warned that hundreds of UK technology companies could fail due to a lack of funding.
"US funds are big enough to put tens of millions into a company and to finance follow-on funding. This will allow us to do the same in the UK," said Lord Drayson, minister for science and innovation.
Post Date: June 30th, 2009
The funding will be provided by the government alongside private sector investors, and a target to reach £1bn within 10 years has been set.
The UK Innovation Investment Fund has been set up to address a lack of funding for venture capitalist groups, which have warned that hundreds of UK technology companies could fail due to a lack of funding.
"US funds are big enough to put tens of millions into a company and to finance follow-on funding. This will allow us to do the same in the UK," said Lord Drayson, minister for science and innovation.
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Post Date: June 30th, 2009
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