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UK Innovation Fund

Volume 496: debated on Wednesday 9 September 2009

To ask the Minister of State, Department for Business, Innovation and Skills whether the £100 million funding his Department plans for the UK Innovation Fund is part of the £750 million Strategic Investment Fund allocated in Budget 2009. (284878)

[holding answer 9 July 2009]: The Department is investing £75 million from the Strategic Investment Fund into the UK Innovation Investment Fund. The remaining £25 million will be found from other budgets within the Department.

To ask the Minister of State, Department for Business, Innovation and Skills how many companies he expects to receive funding from the UK Innovation Fund in its first year of operation; and how much in private sector contributions he expects the fund to receive in that year. (284879)

[holding answer 9 July 2009]:The UK Innovation Investment Fund will operate on a Fund of Funds basis which means that it will not invest directly into companies, but will invest in a number of specialist technology funds. At this stage, it is not possible to make any predictions about the number of companies UKIIF will invest in during its first year of operation.

The Government expects that its investment of £150 million will be at least matched by private sector investors during the first year.