Institutions of Innovation: British Business Bank
'Institutions of Innovation' is a series of monthly interviews with the institutions driving the UK’s innovation policy.
Each contribution gradually pieces together the UK's innovation landscape; setting out the key actors, what they do, where they sit and how industry can engage, including through techUK.
This month's insight focuses on the British Business Bank.
Further information about the British Business Bank's work can be found on their website here.
These responses have been provided by Angelene Woodland, Chief Customer Officer, British Business Bank
I see that the mission of the British Business Bank is to support sustainable growth and prosperity in the UK, help transition to a net zero economy, and make financing available to small businesses. What does it mean in practice?
The British Business Bank was set up in 2014 to provide long-term support for long-term investment and growth in the UK. Under our mission we have four key objectives:
Driving sustainable growth - ensuring smaller businesses can access the right type of finance they need to start, survive and grow
Backing innovation - ensuring innovative businesses can access the right capital to start and scale
Unlocking potential - unlocking growth by ensuring entrepreneurs can access the finance they need regardless of where and who they are
Building the modern, green economy - financing groundbreaking solutions to climate change and helping smaller businesses transition to net zero so they thrive in a green future
What kind of relationship does the British Business Bank have with its closest institutional neighbours in this area?
We work with organisations to fix gaps in the smaller business finance markets so that smaller businesses can access the right finance for them whatever their stage of development.
For example, as partners dedicated to fostering innovation and growth of UK businesses across the country, British Business Bank and Innovate UK work closely together to co-create new opportunities to promote investment and to support UK businesses through better, more tailored offerings. This is recognised in a recent memorandum of understanding agreed in April 2024.
How can techUK’s 1000+ industry members best engage with the British Business Bank?
Smaller businesses don’t obtain finance directly from us: instead, we provide funds and guarantees to private sector partners, enabling them to finance a greater number of smaller businesses (either through debt or equity).
What is the British Business Bank’s long-term vision for the UK’s innovation landscape? Are there any areas in which working with industry will be particularly crucial?
We form an important part of the innovation funding landscape through our equity programmes, which invest in high-growth, innovative UK businesses, and in supporting UK debt markets, which help firms to innovate both their products and processes.
Boosting business innovation is essential to the UK’s future prosperity, and key to the delivery of new jobs, better living standards and long-term economic growth. British Business Bank-supported funds are more likely to invest in technology and intellectual property-based businesses than the overall equity market, and our new programmes will enhance this trend.
Finally, what is the British Business Bank’s main priority over the next 12 months?
As well as continuing our important work in supporting the provision of debt and equity to smaller UK businesses, one of our main areas of focus is working with the Government on its growth agenda, including the setting up of a new British Growth Partnership.
Once fully established, subject to regulatory approval, this initiative will enable greater investment in industries of the future, supporting the Government’s new Industrial Strategy, and we look forward to playing our part in its development.
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techUK – Unleashing UK Tech and Innovation
The UK is home to emerging technologies that have the power to revolutionise entire industries. From quantum to semiconductors; from gaming to the New Space Economy, they all have the unique opportunity to help prepare for what comes next.
techUK members lead the development of these technologies. Together we are working with Government and other stakeholders to address tech innovation priorities and build an innovation ecosystem that will benefit people, society, economy and the planet - and unleash the UK as a global leader in tech and innovation.
For more information, or to get in touch, please visit our Innovation Hub and click ‘contact us’.
