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National Endowment For Science, Technology And The Arts

Volume 407: debated on Wednesday 25 June 2003

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To ask the Secretary of State for Culture, Media and Sport what assessment has been made of the returns generated by projects funded by the National Endowment for Science, Technology and the Arts. [121338]

Of the 338 people and projects supported to date by NESTA, they have taken a financial stake in 106 through their Invention and Innovation programme. Of these 106 projects, in 78 cases this has been a royalty stake, and in 28 cases an equity stake. None of the equity stakes have yet been realised, and it is difficult to predict with any accuracy the market value of these companies at any given point in time. The 78 projects in which NESTA has a royalty stake have produced royalties for NESTA totalling approximately £57,000. However, in the majority of cases NESTA has chosen to defer payment of royalties to maximise the chances of the project's success. In total £2,699 has been received in royalty payments to date. The value and status of NESTA'S portfolio is assessed on a 6-monthly basis.The remainder of NESTA's projects are supported because of their social, artistic or other potential, rather than because they are expected to make a profit.