The government has launched a new £375 million Future Fund: Breakthrough scheme to help drive investment in the country’s innovative high-growth research and development firms, with the aim being to spur on the UK’s post-pandemic economy.
The scheme will cover industries such as life sciences, clean technology and quantum computing, helping to drive the deployment of breakthrough innovations that could solve some of the biggest challenges facing us today, whether that’s making the move to net zero or developing life-saving medicines.
In order to be eligible, businesses must already have commitments of 70 per cent of an investment round from private investors like venture capitalists.
Because of high research and development costs, breakthrough tech brands often need more capital over longer periods of time than other companies in order to bring projects to market. It’s estimated, however, that one per cent growth in such firms could see the economy grow by £38 billion.
Chancellor Rishi Sunak said: “Technology and innovation will be at the heart of our future economy which is why we are investing billions in R&D to help cement our status as a world-leader in this field.
“Above all, our investment will incentivise collaboration between our most ambitious entrepreneurs and private investors, helping to commercialise breakthrough products such as new medicines and green technologies that could change our lives for the better – all while creating high-skilled jobs that help boost the UK economy.”
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