MPs call for public equity stakes in firms built on taxpayer-funded research
The Public Accounts Committee says UK Research and Innovation is too cautious about protecting taxpayers’ interests in companies built on publicly funded research. It wants the government to consider taking equity stakes in more of the businesses it supports, so the public could benefit when successful firms grow.
The report says Britain produces many university spinouts and patents for its research spending, but struggles to help startups scale without moving overseas and to commercialise university inventions. Half of UKRI funding still goes to London, the South East and the East of England, while the North’s share rose from 12 to 20 per cent in five years; MPs also cited a laboratory aircraft upgrade abandoned after £46 million of its £49 million budget had been spent.
- MPs want UKRI to consider taking equity in more publicly backed startups.
- Britain funds innovation but often struggles to capture its commercial value.
- Half of UKRI funding still goes to three regions in the south and east.
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Originally published by The Register as “MPs urge UK government to play venture capitalist with taxpayer-funded tech”.