Stories from February 2009
More support needed for smaller science-based businesses
Institute of Physics
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.
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.”
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