Recent Press Releases
More support needed for smaller science-based businesses
Institute of Physics
PR06 (09)
Thu, 19 February 2009
Entrepreneurs, scientific innovators and members of the Institute of Physics’ Corporate Affiliate Network attended a panel discussion on funding for small science-based enterprises organized by the Institute of Physics yesterday.
Appropriately titled ‘Show me the Money’, the discussion focused on available funding options for SMEs in the science and technology sector in the light of the current economic recession.
The discussion was chaired by Norman Apsley, chief executive of the Northern Ireland Science Park, and speakers included Ashley Evans, director of the Electronics KTN, David McMeekin, chairman of the London Technology Fund and Dr Andrew Mackintosh, chief executive of the Royal Society Enterprise Fund.
The speakers described how, with the venture capital industry retreating to later stages of business funding and a lack of investors willing to work with small start-ups and spinouts, science based companies are increasingly struggling to gain access to investment, they also outlined some of the sources of funding and guidance available to help SMEs overcome some of these difficulties.
John Brindley, Director, membership and business at the Institute of Physics said: “The need for further support for small businesses becomes increasingly urgent. Small businesses play a crucial role in effectively translating university physics research into products and technologies which are important drivers of the UK economy.
In the current economic climate, start-ups and spinouts that work to bring the strength of the UK science base to the marketplace must receive support if the UK is to thrive in the long-term. Initiatives such as the Royal Society Enterprise Fund and the London Technology Fund are doing good work in their areas, and now is the time for the government to pull out all the stops and put a greater focus on supporting smaller science-based businesses. A priority should be to enable greater access for small businesses to public procurement contracts.”
Notes to editors:
Contact
1. For further information contact IOP Press Officer, Joe Winters:
Tel: 020 7470 4815
Mobile: 07946 321473
E-mail: joseph.winters@iop.org
The Institute of Physics
2. The Institute of Physics is a scientific membership organisation devoted to increasing the understanding and application of physics. It has an extensive worldwide membership (currently around 34 000) and is a leading communicator of physics with all audiences from specialists through government to the general public. Its publishing company, IOP Publishing, is a world leader in scientific publishing and the electronic dissemination of physics. Go to http://www.iop.org/.
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