Statement on the Science and Technology Committee Report
- Published on Wednesday, 13 March 2013 10:12
- Written by Vicki Mitchem
BIS statement on the Science and Technology Committee Report Bridging the Valley of Death: Improving the Commercialisation of Research
A BIS spokesperson said:
The government has set out a clear approach for making the most of our world-class science and research base. We are helping innovative SMEs access finance by investing in Enterprise Capital Funds and the UK Innovation Investment Fund, on top of introducing a substantial R&D tax credit scheme. We are setting up a Business Bank to support the development of diverse finance markets for businesses. Despite enormous economic pressure we have protected the £4.6 billion annual budget for science and research.
Over £1.2 billion is being invested over three years through the Technology Strategy Board to support business-led innovation, of which £250 million is being spent establishing a network of Catapult Centres to bring new technologies to market. This week we announced around £50 million of projects supported by the Biomedical Catalyst, a £180 million programme to bridge the 'valley of death' in biomedical sciences.