The power of partnerships: helping businesses scale at pace

Indro Mukerjee, CEO Innovate UK and Julia Hoggett, CEO London Stock Exchange have today extended the memorandum of understanding signed in 2023 for a further year, continuing their commitment to bringing the two organisations closer together in supporting high growth potential companies to grow through innovation and scale at pace.

The partnership with London Stock Exchange Group has already given hundreds of Innovate UK-backed businesses the opportunity to access expertise and connections that are enabling them to advance rapidly on their growth journeys. Year two of the agreement will see further joint initiatives, including events to engage both investors and businesses. The first such event for investors and Innovate UK portfolio businesses is a Deep Dive in June that focuses on Healthcare and Life Sciences.

Alongside its own products and services, Innovate UK is a connector across the innovation landscape. It connects businesses to the science base, innovators to opportunities to hone their talent and skills, and investors to companies at the cutting edge of innovation.

Today, Innovate UK has confirmed the release of the prototype of another product focused on creating connections: Innovate UK Investor Connect. This creates a marketplace in which investors and innovators can come together in a safe, secure environment to explore fundraising opportunities – already in excess of £200 million from 28 businesses, and with plans to grow to around 200 companies in this first phase by autumn 2024.

But Innovate UK will only meet its ambitious goals if it also works with and through others. So, it also connects with other providers of public and private support through building partnerships.

Scaling at pace

As set out by Indro Mukerjee earlier this year, Innovate UK is focused on creating a pipeline of businesses that have the potential to grow rapidly and sustainably to meet the scale-up definition (20% growth year on year in revenue and/or headcount). The partnership with LSEG is a key one in delivering on this promise for Innovate UK. It builds on Innovate UK’s deep expertise and experience in supporting businesses from concept to commercialisation and leverages significant expertise in private and public markets to supercharge the transition to growth and scale.

Scale-ups are crucial in driving economic growth and fostering innovation in the UK. They boost productivity, generate new products and services, attract investment and create high value jobs.

We will further build on our strategic partnerships, for example with the British Business Bank and the ScaleUp Institute. These will further establish clear pathways for collaboration, from data sharing to co-creation of events, as well as exploring new products and services to meet the needs of UK businesses.

Strategic partnership building

There has also been a strong local focus with Innovate UK co-creating seven Local Action Plans with local authorities and devolved administrations, with plans for five more this year. These plans provide a tailored approach, enhancing local strengths and capabilities, and pooling knowledge, skills, and resources, giving businesses more targeted innovation support.

As the UK’s innovation agency, Innovate UK is at the heart of the innovation system. But the lifeblood of that system are the businesses that are navigating across that system on a journey to scale and growth, the investors that fund them and the agencies, institutions and representative bodies that help them on their way. That’s why Innovate UK is proud to have extended its partnership with LSEG for another year.