In a move to reach the goal to make the UK a “science superpower”, the future fund breakthrough scheme will be available to fast-growing firms who provide innovative technology in areas such as clean energy and life sciences, that can help to spur breakthroughs that can solve our society’s greatest challenges.
Technology and innovation will be at the heart of our future economy which is why we are investing billions in R&D [research and development] to help cement our status as a world leader in this field.Rishi Sunak - Chancellor of the Exchequer
Do I Qualify?
So, the all-important question...how do I qualify?! The first thing to know is that you can’t apply for your own business, but your lead investor will need to connect to the future fund.
There are a few factors that go into this scheme, let’s go through them.
- Firms need to be based in the UK.
- Firms must be seeking at least £30m investment to help fund further development.
- The investment will have to be comprised mainly of private companies, with applicants needing evidence of secured commitments for 70% of their funding round.
- Firms must have evidence of previous success in raising £5m without state assistance, to show they are already growing significantly.
A Tech conference will be held in east London this September, to bring together investors and business leaders in tech and promote this scheme - called “Treasury Connect”.
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