The havoc from the pandemic COVID-19 is still going on and it seems that once everything comes to normal, the efforts to make things better again have to be a massive one. It will need efforts from the governments, from the elites, from the giant firms and the startups going around.
To fight the similar cause, after facing the flack from the tech startups and businesses around the country, the British government has announced a 'Future Fund'. The British government has pledged a £250 million of taxpayer’s money to the new fund. The money is being pumped via the British Business Bank.
However, the firms who will look to get the support from the fund, they will have to secure an equal or greater amount of match funding from private investors, and be the U.K. registered private company that has previously raised at least £250,000 in private investment in the last five years.
As per the details, the Future Fund will be launched in May where the U.K. government will invest between £125,000 and £5 million in the startups. The government will accept the applications until the end of September. At the same time, apart from this fund, the government is also pumping £750 million of R&D support which will go towards “the most R&D intensive small and medium-sized firms."
U.K. treasury talking about the fund said that “Innovate UK (the national innovation agency) will accelerate up to £200m of grant and loan payments for its 2,500 existing Innovate UK customers on an opt-in basis. An extra £550m will also be made available to increase support for existing customers and £175,000 of support will be offered to around 1,200 firms not currently in receipt of Innovate UK funding”.
Image courtesy: London.gov.uk