06-12-2007
Nesta stresses importance of government funding
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The National Endowment for Science, Technology and the Arts (Nesta) has drawn attention to the importance of government funding for technology in UK businesses.
Anthea Harrison, investment director of Nesta, believes that funding from the government is an essential component of developing innovation, leading to new ideas and products.
"I think it's very integral across the western world in general," said Ms Harrison. "If you look at all areas of the developed world, government funding is an essential part of producing innovation and all governments have schemes where they fund grants," she added.
Moreover, Ms Harrison identified that the largest funding streams that can be accessed for capital are Venture Capital Trusts and the Enterprise Investment Scheme.
In related news, the UK government recently confirmed that £100 million would be allocated for development in the areas of communications and green energy. Funding was allocated via the Technology Strategy Board.