Jeremy Hunt will unveil a science and technology program inspired by the United States.
Jeremy Hunt plans to unveil a program, inspired by the United States, in his autumn statement. The program aims to cultivate domestic science and technology investors who will prioritize the success of UK innovations in the commercial market.
The government is worried that Britain is not taking advantage of scientific advancements enough. As a result, the chancellor is likely to reveal a proposal for a fellowship initiative that will educate a fresh group of venture capitalists specializing in science and technology.
Hunt suggests that a small amount of funding can support specialized venture capitalists who will aid in the advancement of industries like vaccines, robotics, and artificial intelligence, leading to significant growth and breakthroughs.
This program, worth £3m and providing 20 spots, is modeled after the successful Kauffman Foundation in the United States. Through this foundation, over 800 investors have been trained, representing funds totaling over $1tn.
According to a source from the Treasury, the science and technology industry in Britain is crucial for driving exponential growth and boosting our economy for many years to come.
This program will train a new group of investment professionals who will help us achieve our goals of becoming a leading scientific power. It is based on the successful models used in other countries.
The Department for Science, Innovation and Technology will create the program, which was suggested by the Council for Science and Technology, a group of scientific professionals, at the request of the prime minister.
Hunt is confident that his plan will tackle the council’s concern that the UK’s venture capital sector must further cultivate expertise in science and technology in order for the government to succeed in its goal of establishing the UK as a leading force in the field of science. Historically, Britain has been behind other nations, notably the US, in effectively capitalizing on its scientific advancements.
According to sources from the Treasury, the fellowship program is a new measure in the implementation of the Mansion House reforms, which were announced by Hunt in July 2023. These reforms aim to release additional pension funds into fast-growing companies, particularly in the science and technology sectors in the UK, for the benefit of both savers and the economy.
A representative from the Department of Science, Innovation, and Technology stated that science and technology have the potential to bring about numerous advantages and possibilities, such as advancing healthcare and establishing new industries in areas like AI and quantum.
“Unfortunately, many revolutionary advancements in the UK end up being solely theoretical or are quickly acquired by foreign investors.”
By increasing the number of investors who are well-versed in the science and technology fields, we can access significant financial resources to support the outstanding innovation taking place in the UK. This will help establish British industries in the emerging technologies of tomorrow.