The Department for Environment, Food and Rural Affairs (Defra)
has today (Monday 13 May) announced the launch of a new expert
advisory group to explore possible routes to generate commercial
returns for the taxpayer from the department's R&D and
innovation spending, including through a potential new fund.
Defra is inviting leading experts in academia, business and the
financial sector to apply to join the group, which will explore
how to best deliver funding to support innovative projects while
increasing value for money for the taxpayer. Those appointed will
provide constructive and open challenge on a range of potential
financing mechanisms, including a new dedicated fund supporting
groundbreaking initiatives in the agri-tech and environmental
sectors. Other arrangements could include joint ventures, revenue
sharing arrangements, and the licensing of intellectual property
to maximise the benefits of Defra's agricultural and
environmental R&D and innovation spending, while boosting
productivity and economic growth.
Environment Secretary said:
Science and technology are fundamental to strengthening our food
security, enhancing nature and protecting our
environment.
From new technologies driving more productive and sustainable
farming to maps and models for managing invasive species,
research and development has the potential to transform the way
we manage our land and feed our nation.
We are now recruiting for a specialist advisory group to explore
options for a more commercial approach to Defra's R&D and
innovation funding, from revenue sharing to setting up a
dedicated new fund for innovation whilst offering the taxpayer a
return on their investment.
I encourage anyone with expertise in the fields of finance,
venture capital, intellectual property and innovation to apply.
Defra's R&D budget supports the development of new
technologies and innovation, often via grants. However,
organisations can face challenges accessing finance for scaling
up and commercialising their products or services, causing them
to miss commercial opportunities or lose out to international
competition. The new Advisory Group will explore how Defra can
support innovators to overcome barriers such as these, whilst
examining how taxpayers could benefit from a share in their
commercial success, where this has resulted from public funding.
A Chair and seven members will be appointed ahead of an inaugural
meeting later this year and an expected committee duration of
three months. Apply for the Chair's
role here and/or to join the
board here. The deadline for applications is midday on Monday
3 June.
