BVCA Responds to Mandelson

Commenting on Lord Mandelson's speech to the Work Foundation today, Simon Walker, Chief Executive of the BVCA, said:

" We have long argued the case for a more balanced and broader business base in the UK. We need to build on our strengths in R&D and new technologies to create new companies and employment opportunities. This venture capital led approach has to be where the real future of the economy lies. We therefore welcome much of what Lord Mandelson said today. The Fraunhofer Model has been remarkably successful in generating an entrepreneurial approach to applied research. We can learn from it and the work Herman Hauser will be doing on how it might  be applied in the UK is very important.

We look forward to working with Mervyn Davies when he issues his urgent report on public-private venture funds; it is essential the UK entrenches a forward-thinking industrial policy which focuses on flexible, bottom-up regional policies, rather than inflexible top-down ones. Too many schemes with too many different aims will not secure the kick start to innovation led economic growth which is so urgently needed."

For further information please contact:

Emily Hartman, BVCA               020 7420 1805