European Innovation Council and Innovate UK

Department for Science, Innovation and Technology written question – answered at on 1 March 2024.

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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, what assessment she has made of the (a) similarities and (b) differences between the European Innovation Council and Innovate UK.

Photo of Andrew Griffith Andrew Griffith Minister of State (Department for Science, Innovation and Technology)

Both organisations bridge the funding gap for small and medium-sized enterprises to succeed through a range of support mechanisms. These include funding products for thematic R&D projects to help individual businesses take their ideas towards commercialisation; and providing support services including advisors to support business access to global markets.

The European Innovation Council provides the opportunity for businesses to seek direct equity investment. The British Business Bank, a close partner of Innovate UK, offer some similar products and Innovate UK enables connectivity with trusted investors to bring about private investment aligned with its funding and support.

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