- New fund launched by government to support cutting-edge
research, built on partnerships with private and philanthropic
investors which will unlock tens of millions of pounds to drive
new discoveries in health, tech and science
- the Research Ventures Catalyst will deliver up to £50 million
of government investment, with industry and philanthropic
backing, to pilot new ways of joint-funding research in the UK –
in turn helping to grow the economy
- capitalising on the UK’s status as a key global financial
centre to create new sources of funding, the catalyst will
support UK scientists and innovators to take risks and tackle
some of the world’s most pressing challenges
Up to £50 million of government investment in new UK research
ventures will encourage greater private and philanthropic backing
for UK science, research and innovation under new plans unveiled
today (Wednesday 26 July).
This will help deliver the cash that is vital to finding new ways
to tackle deadly diseases, and to harnessing new technologies
that will underpin the economy of the future. The launch of the
Research Ventures Catalyst will drive more private and
philanthropic funding into UK R&D, building on the City
of London’s position of strength as an international financial
centre for the benefit of our scientists and innovators.
The new fund has been set up to pilot new ways of delivering
research in the UK, allowing our brightest minds to take greater
risks and pursue new means of working that might not be supported
via traditional funding avenues. The Catalyst is opening for bids
of up to £100,000 in ‘seedcorn’ funding to allow researchers to
develop full plans for their proposed ventures.
Eventually, it will deliver up to £50 million of investment,
backed by government with additional private and philanthropic
co-investment.
Secretary of State said:
“From Edward Jenner’s invention of the very first vaccine, to the
scientists in Manchester who isolated graphene, so many of the
Great British breakthroughs which have changed the world would
not have been possible without people who dared to do things
differently, and take calculated risks. In today’s world, that
approach is just as important as ever.
“Research and innovation hold the keys to a vast range of
benefits and opportunity, from radically improving healthcare to
creating whole new industries in fields from quantum to
engineering biology. But this work is impossible without funding.
That is why, I am making an open invitation to private and
philanthropic partners in the City and beyond to work with us
through the Research Ventures Catalyst to put real financial
firepower behind the world-leading science happening in the UK.”
Unlocking greater private and philanthropic investment in
UK R&D is one of the key
objectives of the The UK Science and
Technology Framework, and partnerships with industry and
philanthropic investors are already delivering for the UK’s
science sector.
The government is continuing to engage with Schmidt Futures, a
philanthropic initiative of Eric and Wendy Schmidt, about their
support of up to $20 million as part of our work to spur
co-investment in science from private and philanthropic sources.
Delivering new, innovative, agile models of funding such as these
delivers on the government’s response to the findings
of Sir Paul Nurse’s Landscape
Review, and builds on the already-record levels of public
sector commitment to spending on R&D. This government has
committed to invest £20 billion in R&D in 2024-2025.
Notes to editors
The up to £50 million to spur co-investment in science from the
private sector and philanthropy through the Research Ventures
Catalyst is subject to business case approvals. Applicants will
be required to secure co-investment for their proposals. - If you
would like to make an application to the Research Ventures
Catalyst, or contact us regarding related investment
opportunities, further details can be found here on gov.uk.
