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London Tech Week: More funding, fellowships and skills
The government wants to make the UK the best place for tech and AI, opening pathways for global talent and venture capital funding
The government has opened up applications for the second round of its Venture Capital Fellowship career development programme for investment professionals, which focuses on science and technology.
The Venture Capital Fellowship aims to increase the capacity of the UK financial sector to invest in up-and-coming technology.
Labour wants the UK to be the top European country for artificial intelligence (AI) and technology investment, but among the challenges facing UK tech startups is a more risk-adverse domestic investor environment than in the US.
In February, MPs on the Communications and Digital Committee warned that the UK risks becoming an “incubator economy” if it does not take action to help home-grown tech companies scale up.
The government regards venture capital (VC) investment as essential to growing the economy, but while VC investment has grown significantly in the past decade, it has largely missed out on deep tech and science, sectors the government sees the UK having a significant global competitive advantage in.
With the government dedicated to supporting UK growth by facilitating the deployment of greater risk capital in the coming years, the fellowship aims to develop a cohort of investors with the knowledge and networks needed to raise and deploy VC into science and technology ventures.
Speaking on the second day of London Tech Week, science and technology minister Peter Kyle described the choice the UK has to make as a simple one: either move “towards a future that is bright, bold, but risky”, or rely on “more of the same”, which he warned would lead to stagnation and a slow but certain slide into decline. “The risks we take – and the investments we make – will determine the path our country follows in the decades to come,” he said. “And we must once again seize the opportunities in front of us with courage and conviction.”
The government has unveiled funding worth £86bn in research and development, and its forthcoming industrial strategy includes a dedicated digital and technologies sector plan.
As it continues to promote AI, Kyle said the Department for Science, Innovation and Technology has partnered with Imperial College and the World Economic Forum to host a new Centre for AI-Driven Innovation in London.
Given the political climate regarding immigration, he stressed the importance of attracting the best talent. “Our tech success story wouldn’t have been possible without brilliant people choosing time and time again to call Britain home,” said Kyle.
He also unveiled a scheme to bring the best and brightest to Britain. “In an ever more competitive world, we simply cannot afford to lose that status,” said Kyle. “Today, I can announce that we’re working with Aria [Advanced Research and Invention Agency] and Pillar [venture capital firm] to double Encode AI for Science Fellowships and get top AI talent from around the world working in UK labs.”
Finishing his speech, Kyle addressed the audience: “We will only succeed if you take risks, too: if you choose to join us in transforming Britain for the better; as the place you pick to build new datacentres or train new AI models; the country you choose when you’re developing life-saving drugs or designing the next generation of chip.”
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