Government’s £7.5m private investor partnership divides the tech community

The Government is launching a controversial scheme to let private investors piggyback on public grants to startups.

Run by Innovate UK, the £7.5m pilot will let startups apply for up to £150,000 to fund concept ideas.

70% of the cash will be given as a grant with no strings attached from the public purse, while 30% comes from private equity funds which will get an equity stake in the startups.

A spokesperson told The Memo that the project was looking at “materially changing the risk...

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