Government entities meet with VC firms to discuss Innovation

The UK Government came together with multiple venture capital firms to discuss how they can work more effectively with the innovators who lead the development of new technologies that address challenges. These included those that are decarbonising the economy, adapting to climate change, and safely harnessing AI.

The event, which was organised by Government Chief Scientific Adviser Professor Dame Angela McLean, assembled representatives from 12 venture capital firms alongside the Home Office, Department for Environment, Food & Rural Affairs, and Department for Transport.

Held at Imperial College London's Scale Space at the White City Campus, the Innovation and Venture Capital Day centred on discussions aimed at integrating venture initiatives into government missions. These discussions aimed to address the innovation needs and challenges of various departments through dialogue between the venture capital firms and different government entities present.

Speaking at the event, Professor Dame Angela McLean said:

“Working with VCs and supporting technology pull-through requires a unique set of skills in government. It requires an appetite for risk, a portfolio approach to innovation and greater technical expertise. Developing these capabilities will require time but I hope that today we can identify the key next steps to ensure significant progress.”

The event, coordinated by the Government Office for Science, fulfils a commitment made in the latest progress report on the UK Science and Technology Framework. This commitment is designed to enhance the commercial science capabilities within government departments and foster strategic alliances with venture capital firms. The goal is to leverage innovative technology to fulfil the science and technology requirements of the government.

This represents a significant initial move towards increased collaboration between the government and the vibrant UK innovation ecosystem. Such joint efforts aim to assist government departments in modernising their approach to delivering innovative solutions for the public sector.