Jeremy Hunt announces the science and technology VC program – Growth Business

Chancellor Jeremy Hunt uses his autumn statement to announce plans for a venture capitalist fellowship program aimed at helping fund the UK’s scientific and technological innovations.

Britain aims to become a science and technology superpower by 2030, but there is a trend among promising British start-ups to seek investment and IPOs abroad instead.

To combat this threat, Hunt wants to create a group of 20 domestic investors specializing in science and technology – specifically AI, robotics and vaccines.

Rishi Sunak said in March that he expects AI to be as important as the industrial revolution, announcing the government would pump £250 million into the space.

The new £3 million scheme will be developed by the Department of Science, Innovation and Technology and follows Hunt’s Mansion House reforms in July, where he announced the plan to direct pension fund capital to fast-growing technology startups.

That same month, the government also launched a £50 million technology and science fund, aimed at funding research into disease, climate change and the development of emerging technologies.

However, this new scheme follows a recommendation from the Council for Science and Technology and is based on the successful Kauffman Foundation program in the US.

“This plan will produce a new generation of investment experts who will enable us to realize our scientific superpower ambitions – building on the eminent success of similar programs across the ocean,” a Treasury source said. The guard.

More about science and technology financing

UK technology investment sees a 57 percent decline – Atomico research shows UK tech companies raised $7.4 billion (£5.9 billion) in the first half of 2023, marking the sharpest fall in investment across Europe

London less attractive for foreign technology investments – Brexit and skills shortages blamed for 23% fall in foreign investment in UK tech companies by 2022

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