UK - Government pledges further £1bn to boost science and innovation

The move follows a report by Lord Sainsbury, which concluded that more needs to be done to improve innovation in industry, with particular emphasis on the role of venture capital. As part of the development strategy, a new research initiative will be launched to provide better support to early-stage high technology companies, with the government also attempting to increase international collaborations and attract overseas researchers to the UK.

The BVCA welcomed the Sainsbury report, particularly its promotion of the importance of venture capital to the continuing evolution of the UK science and technology industry. Chief executive Simon Walker commented: "Venture Capital is critical when it comes to turning academic innovation into commercial proposition... We are very pleased by the government's response to this report".

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