Published on 18 April 2013
Citizens’ Innovation Funds could benefit UK growth
At a briefing earlier today hosted by the government’s life sciences adviser, George Freeman MP at the House of Commons, sector stakeholders including investors, parliamentarians and companies heard from Jean-Jaques Yarmoff, International Partnerships Director of OSEO, the French equivalent of the Technology Strategy Board, about support for innovation in France in general and about the Fonds Commun de Placement dans L’Innovation (FCPI) scheme in particular.
The BioIndustry Association (BIA) has proposed that the UK government introduce Citizens’ Innovation Funds, which are based on the FCPI, to capture the patriotic potential of the British public for investing in the growth companies of the future.
Small and medium sized innovative companies in the UK could benefit from the funding opportunities provided by a scheme similar to the French FCPI.
Steve Bates, BIA Chief Executive Officer, said:
“Today’s meeting provided an opportunity for stakeholders to learn about how innovative companies in France benefit from their government’s industrial strategy and funding from FCPI fund managers. I believe there are many lessons we can learn from the French and look forward to further discussions with HM Treasury about Citizens’ Innovation Funds.”