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Campaign to increase UK SciTech investment and aid scale-up launched

By March 21, 2024No Comments

A new campaign aimed at driving up investment opportunities in scale-ups has been launched by the Science, Innovation and Technology Secretary, Michelle Donelan, with podcast adverts, billboards and more showing off science and technology scale-ups to British investment hubs.

The ‘Science and Tech is our Superpower’ campaign aims to make sure science and technology firms in the UK that are ready for growth can access the funding they need from the UK to boost long term economic growth and create jobs.

While the UK continues to outpace the rest of Europe in raising venture capital funds, securing more than France and Germany, last year saw a substantial drop in investment globally. In the UK, this particularly impacted science and technology scale-ups.

Britain has produced 152 ‘unicorns’ or companies valued at over $1 billion, which is more than France, Germany and Sweden put together. These companies, including Darktrace and Monzo have pushed forward global innovation in a range of areas – and help grow the UK economy.

But, without venture capital funding, the next generation of UK unicorns may be forced to look abroad for funding and even move away from the UK – or risk placing a cap on their growth, which hinders innovation and puts a lid on new jobs in the UK.

British leadership in fintech, AI and life sciences is well recognised by investors domestically and around the world, but more can be done.

The new push to promote private sector investment in high-growth companies comes after the Chancellor’s Mansion House Reforms, which are unlocking up to £75 billion for high growth businesses like tech start-ups, underpinned by a commitment from UK pension funds and the venture capital community to work together to drive even more finance into scale-ups.

The campaign’s marketing push will show off regional ‘clusters’ of innovation excellence from across the UK, including spin-out companies that were started from research at leading universities.

Science and technology hubs outside of London have seen huge increases in venture capital investments since 2019, with Liverpool, Sheffield and Glasgow all seeing more than 500% growth.

The Government website, which includes scale-up guidance, investor opportunities, and an innovation cluster map, can be viewed here.