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Research and Development
I have been campaigning to introduce legislation that will guarantee that 2.5 per cent of all research and development funding goes to small businesses.
In the US, support is provided to entrepreneurial technology companies through Federal Government R&D procurement programmes. Under the US Small Business Innovation Research Programme (SBIR), 2.5 per cent of R&D budgets, must, by law, be spent with smaller businesses. I believe that a similar programme is required in the UK if we are to take full economic advantage of the significant increase in the UK science budget announced by Gordon Brown in the Pre-Budget Report.
I have achieved significant progress so far. In the 2005 Budget, Gordon Brown included a mandatory requirement for all the Government Departments to spend at least 2.5 per cent of external R&D with small businesses - estimated to be worth around £100m per annum.
However, I remain convinced that a US style SBIR programme is the way forward, to avoid the risk of existing R&D programmes being reclassified, and to really ensure that innovative technology has access to Government funds.
I presented the Procurement and Innovative Tecnologies and Research Bill on 22 March, and am now aiming to amend the Finance Bill to include these provisions. There are many spin-off businesses in Cambridge that would benefit greatly from this.
The Lib Dems are planning to cut DTI funding, and that would abolish the current support for innovation. This would have a serious effect on Cambridge, both in terms of research and jobs.