£150m UK innovation fund moves closer

Digital technologies targeted by government-backed scheme, alongside life sciences, low carbon and advanced manufacturing

Brown wants to encourage innovation

A UK fund for innovation came a step closer today as the Department for Business, Innovation and Skills asked potential fund managers to target areas of technology that are likely to experience high growth with early investment.

Capital for Enterprise, representing the government in the fund, has released the request for proposals.

The £150m fund was announced by Gordon Brown in June and will see the government match funding provided by the private sector for key industries.

“Venture capital finance is the lifeblood of innovation and crucial to ensuring the commercialisation of the discoveries coming out of our research base. The fund will boost future UK competitiveness,” said Brown at the time.

Small and medium and spin-off business in other sectors such as life sciences, low carbon and advanced manufacturing in nuclear power will also be able to apply for funding.

A seminar for potential investors and fund managers will take place in the City on 6 August.

The government will appoint fund managers for the different funds identified in December.