Cambridge Innovation Capital acknowledges the publication of HM Treasury's consultation response paper on 'Financing Growth in Innovative Firms'. It forms part of the Government's Patient Capital Review and provides further detail on the initiatives for knowledge-intensive firms outlined in the 2017 Budget by the Chancellor of the Exchequer.
Commenting on the consultation, Victor Christou, CEO said: “We welcome the publication of ‘Financing Growth in Innovative Firms’. Its conclusions further strengthen and affirm the UK as a place for growing innovative firms which look to obtain the long-term ‘patient’ finance that is required to scale up companies efficiently. It builds on current best practices and seeks to address some of the shortfalls currently seen in this market.
“While CIC has successfully raised £125 million to date from a range of supportive, long-term investors, there is still plenty of capacity for further capital to fund the excellent ideas that we continue to see within the Cambridge Cluster. Though CIC focuses on the area in and around Cambridge, we believe that a similar imbalance between supply and demand for patient scale up capital exists elsewhere in the country. The businesses that we, and others like us, support have the potential to be the future industrial powerhouses of the UK if encouraged to grow and mature properly.”
The Treasury's consultation response paper can be found here.