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Innovation fund to go on digital business

Gordon Brown has announced that £200million of innovation funding will be invested in science, advanced manufacturing and digital business industries.

Speaking to the Global Investment Conference, the prime minister also said that the money from the UK Innovation Investment Fund (UKIIF) would create skilled jobs for the future.

“Our new £325million Innovation Investment Fund – launched as part of Building Britain’s Future – shows our commitment to the industries and the technologies that will create the skilled jobs for the future,” said Brown.

“This fund, seeded by the government, is bringing private venture capital to growing enterprises. It is already providing £125million of funding to high tech, low carbon businesses. From today [Monday 22 February 2010], a further £200million will be available for life sciences, digital and advanced manufacturing.”

European Investment Fund contributed £100million towards this government scheme.

Lord Drayson, minister for science and innovation, said: "Despite a tough market, the UK Innovation Investment Fund goes from strength to strength. Private funds have matched the government's investment and money can now flow into promising technology companies. This is just the boost these companies need as the economy returns to growth."

The UKIIF was established in 2009 as part of the government’s plan for Building Britain’s Future.

Research has revealed that venture capital-backed businesses drastically out perform other companies in the creation of wealth, the generation of performance and the establishment of highly skilled jobs.

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