Grants and Funds
There are many different grants and funds available for life science companies doing business in London. Some of the funds are London specific, whereas others are offered throughout the UK or throughout the EU, or even more widely. The selection criteria for the funds vary greatly and there is strong competition.
When considering business activities in London, it is obviously a good idea to assess what London-specific funding and support is available. The London Development Agency (LDA) is responsible for driving London’s sustainable economic growth and is committed to assisting companies across the capital with their finance needs. Some of the LDA’s key offerings for life sciences are listed below (and further details can be found at www.biolondon.org.uk):
- G2i actively supports and encourages early stage London-based technology businesses, introducing them to Venture Capitalists and Business Angels as an attractive investment.
- The LDA Loan Fund is for business owners who have been unable to raise finance through traditional means or have been refused finance. These loans can be from £5,000 to £250,000 and funds are available to business owners from areas of London where the occurrence of disadvantage is highest.
- The Grant for Research and Development helps businesses looking to develop an innovative product or process when the risks involved have made them unattractive to investors.
- Selective Finance for Investment in England provides grants towards the capital investment cost of a project that will lead to improvements in productivity, skills and employment.
- The London Technology Fund is London’s specialist investor in new technology companies. It is focused on the funding gap for new, high growth technology companies based in Greater London.
Universities in London work with various fund providers to drive innovation and commercialisation with proof-of-concept and seed funding competitions. For example, Javelin Ventures manages both the Kinetique Biomedical Seed Fund and the Heptagon Fund (proof-of-concept) along with a consortium of universities including Kings College London, University College London and Queen Mary University of London.
The London Innovation Network is a new programme between the European Commission and the London Development Agency. Its mission is to support London’s enterprises in a range of activities – from attracting funding for technical R&D, through to technology transfer and expanding into European markets. Greater London Enterprise is leading and co-ordinating the network partners and provides support and information for European Commission Funding Opportunities. To find out how your company can benefit please contact Chris Farmakis on Chris.f@gle.co.uk
Another highly relevant group is the Wellcome Trust's technology transfer team, who are a commited funder of translational research, the process by which innovations are translated into new health products. Current funding areas include: diagnostics; enabling technologies; regenerative medicine; therapeutics; vaccines; and medical devices. To find out more, email techtransfer@wellcome.ac.uk or visit: www.wellcome.ac.uk/techtransfer/londonbio
Other relevant funding bodies are listed below:
If you have a specific enquiry about which funds your company might be eligible for and need more tailored advice, please email bioguide@londonfirst.co.uk with details and we will respond to you with relevant information.