BioIndustry Association Release: Experts Discuss How Citizens' Innovation Funds Could Benefit UK Growth

17 April 2013 -- At a briefing earlier today hosted by the government's life sciences adviser, George Freeman MP at the House of Commons, sector stakeholders including investors, parliamentarians and companies heard from Jean-Jaques Yarmoff, International Partnerships Director of OSEO, the French equivalent of the Technology Strategy Board, about support for innovation in France in general and about the fonds commun de placement dans l'innovation (FCPI) scheme in particular.

The BioIndustry Association (BIA) has proposed that the UK government introduce Citizens' Innovation Funds, which are based on the FCPI, to capture the patriotic potential of the British public for investing in the growth companies of the future.

Small and medium sized innovative companies in the UK could benefit from the funding opportunities provided by a scheme similar to the French FCPI.

Steve Bates, BIA Chief Executive Officer, said:

"Today's meeting provided an opportunity for stakeholders to learn about how innovative companies in France benefit from their government's industrial strategy and funding from FCPI fund managers. I believe there are many lessons we can learn from the French and look forward to further discussions with HM Treasury about Citizens' Innovation Funds."

For further information, please contact Robert Winder, Head of Communications, rwinder@bioindustry.org, 020 7630 2191; mobile 07825 942 934.

Citizens Innovation Funds

The CIFs would be a tax-advantaged investment scheme for the general public and the concept is based on the hugely successful French FCPI scheme which has raised more than €6 billion since its inception, leveraging more than five times the investment compared to the cost of the scheme. http://bit.ly/BIACIFintro

BioIndustry Association

Founded over 20 years ago at the infancy of biotechnology, the BioIndustry Association (BIA) is the trade association for innovative enterprises involved in UK bioscience. Members include emerging and more established bioscience companies; pharmaceutical companies; academic, research and philanthropic organisations; and service providers to the bioscience sector. The BIA represents the interests of its members to a broad section of stakeholders, from government and regulators to patient groups and the media. Our goal is to secure the UK's position as a global hub and as the best location for innovative research and commercialisation, enabling our world-leading research base to deliver healthcare solutions that can truly make a difference to people's lives. For further information, please go to www.bioindustry.org