UK Innovation & Science Seed Fund

Department for Science, Innovation and Technology written question – answered on 27 March 2023.

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Photo of Chi Onwurah Chi Onwurah Shadow Minister (Business, Energy and Industrial Strategy), Shadow Minister (Science, Research and Innovation)

To ask the Secretary of State for Science, Innovation and Technology, with reference to the press release titled Plan to forge a better Britain through science and technology unveiled, published 6 March 2023, what assessment she has made of the potential impact of the £10 million uplift to the UK Innovation and Science Seed Fund on (a) the number of successful UK-based technology companies in future and (b) the ability of the Fund to help create the next Apple, Google or Tesla.

Photo of George Freeman George Freeman Minister of State (Department for Science, Innovation and Technology)

The Government is committed to ensuring the UK Tech Sector realises its potential, which can only be achieved by supporting tech companies to grow, scale and list here. The UK Innovation and Science Seed Fund (UKI2S) provides crucial, patient capital to early stage, UK-based tech companies arising from the research base. Since its creation, UKI2S has an outstanding track record of successfully investing in early stage tech businesses. The uplift will further support the development of very early stage, high risk tech companies, increase private sector investment, promote opportunities for portfolio companies to scale, and support world-changing ideas to address global challenges.

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