In a report published today, the committee outlined several barriers which prevent the UK from reaping the commercial benefits of its science base – including access to finance for SMEs; and the fact that many UK tech companies are sold to foreign owners, causing wealth and job generation to move abroad.
Mike Bartley, head of 70-strong software testing company TVS, agreed that accessing finance is “still a problem” for many SMEs, but said it is a “myth” that foreign firms acquiring British tech companies is always a bad thing, as firms may still continue to grow within the UK.
The report also said the Small Business Research Initiative (SBRI), which uses government procurement to drive innovation among SMEs, lacks sufficient funds.