Letter from DSIT Secretary of
State to Council for Science and Technology, June 2023
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In a letter to the Prime Minister sent in September 2021, the
Council for Science and Technology (CST) explores how the
government can encourage scale up investment in innovative
science and technology companies.
The recommendations in this letter focus on the cultural,
behavioural, and structural changes needed to help unlock scale
up investment.
We have added the Prime Minister’s response to the CST letter on
investment in innovative science and technology companies.
In October 2022, CST provided further
advice to the Prime Minister on how to increase availability of
finance for innovative companies to grow and scale up in the UK,
building on measures announced in the Growth Plan 2022.
CST
highlighted the need for regular, sustained engagement with the
investment community to signal areas where S&T investment
would help deliver national goals.
New recommendations include targeted use of public procurement,
fellowships to boost numbers of science and technology specialist
investors and reviewing measures to support corporate venturing
in areas of national priority.
In June 2023, the Prime Minister and Secretary of State for the
Department for Science, Innovation and Technology wrote in
response to CST advice on access
to finance for innovative companies and delivering national
priorities through public procurement. This follows discussions
with members on the Science and Technology Framework.
