Owen Thompson, CEO and co-founder, Cambridge Future Tech, commented:
"There is an immense potential for a newly elected Government to boldly transform the UK tech sector, to form a coherent national industrial policy that focuses on creating a science and technology superpower to drive economic growth and elevate the country to the forefront of the global tech industry.
1. Reform the British Business Bank, increase its capital, & reduce VC LP application times
“One priority is advocating for increased government capital for the British Business Bank (BBB). This would enable more frequent Limited Partner (LP) commitments to UK venture capitalists (VCs) and reduce the LP application process from 18 months currently to just six. The BBB should also support foreign VCs establishing a European Fund base in the UK, fostering a dynamic investment landscape.
2. Appoint a Senior Civil Servant to lead venture activities
"Appointing a Senior Civil Servant to lead venture activities with a responsibility to secure LP capital and direct international VC investment into the UK from foreign sources will bring necessary focus. Consolidating efforts from various UK Government departments (including DBT, OFI, OLS, FCDO, MoD, Go Science, DSIT, Innovate UK) under this Senior Civil Servant and aligning all governmental grants with this goal.
3. Speed up the Edinburgh and Mansion House reforms
"Advancing the Edinburgh and Mansion House Reforms is also crucial. These reforms aim to establish a national wealth fund, facilitating more direct government investments into UK startups.
4. Create a more practical DeepTech strategy
“The pursuit of foreign LP capital to UK strategic foreign policy and creating a more practical DeepTech strategy will ensure long-term success. There is a need to rewrite core DeepTech strategy papers, such as the Quantum Strategy and Semiconductor Strategy, to be more practical and achievable. For example, the UK cannot be a global leader in all aspects of Quantum.
5. Standardise University TTO operations and increase regional government venture specialists
“The UK ranks 4th in the Global Innovation Index as a centre for research but is currently rated only 24th for commercialisation of this research. Until now, vast amounts of innovation have remained stagnant within research labs. Fostering regional government venture specialists and standardising University Technology Transfer Offices' operations around equity will further bolster the tech ecosystem."
For more information, please visit cambridgefuturetech.com.
