Budget Support for Investment Readiness
The Chancellor released his latest budget in March 2021 and whilst there are clear challenges, there is certainly a strong focus on innovation and investment readiness. The University of Central Lancashire (UCLan) can offer small and medium-sized enterprises (SMEs) guidance and support activities to enable them to grow.
Britain’s track record of funding is strong in many ways. Its excellence in Higher Education provides significant Research & Development (R&D) infrastructure. The UK ranks 4th out of 131 economies in the Global Innovation Index and is Europe’s largest investment market for Venture Capitalists (VCs) (£8.8bn in 2020).
However, low comparative levels of innovation in industry, a lack of investment diversity across the UK and business investment creates many challenges.
To counter all of this the government has announced some notable interventions. These include:
- The implementation of three new investment funds, The Northern Powerhouse, Midlands Engine and Cornwall and Isles of Scilly Investment Fund
- A new diversity and mentoring programme to help start-ups
- An additional £5bn crowded from private investment over the next 10 years for British Patient Capital
- A review of possible extension of the R & D Tax credits offering with a potential for more in-scope research from cloud computing
The news is very positive for SMEs and start-ups who are looking to raise finance and grow with investment support. With all this new support available now is a great time to look at UCLan’s Investment Readiness programme.
Pete Leather, Head of IP and Commercialisation at UCLan said, “These are welcome steps from the government in supporting the innovation agenda.
"Of course much of the onus remains on the business owner to create a proposition that is ready for investment which is where our Investment Readiness team can help entrepreneurs prepare."— Pete Leather, Head of IP and Commercialisation at UCLan