A new service designed to ‘turbo charge’ and stimulate investment in early-stage clean tech companies has been launched by the Carbon Trust, with the aim of helping to create a step-change in the growth of high tech, low carbon businesses in the UK.
The launch of Trust's Entrepreneurs Fast Track, developed after consultation with Britain’s emerging low carbon technology companies, has already been welcomed by business leaders, including Sir James Dyson, Federation of Small Business and the UK Government.
This new service has been developed after consultation with more than 400 'early-stage' clean-tech companies from across the UK . According to this latest research ‘proof of concept’ and prototype building/testing were ranked by small companies as the two most valuable types of support needed to move towards technology commercialisation. This was followed by the need for assistance in protecting knowledge by navigating the complex issue of intellectual property, and having access to seed or venture capital finance.
“Low carbon investment is a vital part of our economic recovery," said Minister for Energy & Climate Change, Greg Barker. "The Entrepreneurs Fast Track service will give a much needed boost to innovative companies developing green technologies. This will be vital in growing the UK’s low carbon industry, creating new jobs across the country and tackling climate change.”
And Sir James Dyson, one of the UK’s leading inventors and one of the most successful industrial designers in the past 20 years, has welcomed this new Carbon Trust’s initiative. He said: “The UK will become a leading exporter of low carbon technology — if given the right support. Inventive British companies that invest in research and development are seen as a risky proposition. But new technologies are vital to the long-term health of our economy.
Customised package of r&d funding
“Now is the time to act: we need to match a growing awareness of our environmental impact with British ingenuity. Developing new technology takes time, and other countries have stepped up the pace. This Carbon Trust scheme supports the UK’s most promising low carbon technologies by moving quickly to commercialise new ideas.”
Specifically, Carbon Trust Entrepreneurs Fast Track will provide a customised package of research and development funding, expert advice and enhanced networking opportunities, to the leading UK clean tech ventures with the highest growth potential.
For the first time, the Carbon Trust will support low carbon entrepreneurs to turn their concepts into working prototypes.This will sit alongside support for technology development and demonstration, as well as strategic commercial and expert technical advice on matters such as identifying optimal business models, building capable management teams and protecting intellectual property.
“The UK has great entrepreneurial talent and many promising low-carbon ideas," said the Trust's Chief Executive, Tom Delay. "But early-stage companies struggle to make the transition from concept to commercialisation owing to the high-risk nature of such ventures, and the associated difficulty in attracting financing and managerial talent. The Entrepreneurs Fast Track aims to de-risk these ventures by advancing technology development and building a solid commercial foundation for growth.”
