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NESTA's call for the government to set up a £1billion venture capital fund is beginning to gain momentum. Responding to the proposal Lord Drayson, Minister for Science and Innovation said that such a fund was now 'urgent'. The Observer picked up the story yesterday, and NESTA will tomorrow set out more details about how such a fund should operate, who it should be targeted at, and what level of funding it should provide.
Watch this space!
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It was good to see Lord Drayson's warm reaction to the idea, but has this now fallen away? It doesn't seem to be on anyone's radar at the moment, with money being steered in other direction of business support. Swallowed up by events perhaps?
Posted by: Alex | 16 Jan 2009 11:28:58
60 days following the Guardian article featuring the fund, there appears to be no further information available on this idea from BERR or UKTI - is this is dead duck? Please revive this great idea!
Government needs to get behind early stage technology companies - and tune in to tomorrow's future - tune out of big cap companies' lobbying and meet with the SMEs on the ground.
The other (debt) measures trailed so far have not yet addressed the needs of early stage tech companies - time to talk to the CFOs that really matter.
Besides, putting borrowed resources into global companies (and doomed industries) is far riskier than supporting innovative UK-based SMEs - where the money is less likely to be spent abroad.
For hope's sake - please trail more about the consultation process for the £1bn fund in the press!
Posted by: Jon Rees | 4 Feb 2009 09:12:32