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 (BBB).
Further information about the BBB'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 BBB 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 BBB?
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 BBB’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 BBB’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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Rory joined techUK in June 2023 after three years in the Civil Service on its Fast Stream leadership development programme.
During this time, Rory worked on the Government's response to Covid-19 (NHS Test & Trace), school funding strategy (Department for Education) and international climate and nature policy (Cabinet Office). He also tackled the social care crisis whilst on secondment to techUK's Health and Social Care programme in 2022.
Before this, Rory worked in the House of Commons and House of Lords alongside completing degrees in Political Economy and Global Politics.
Today, Rory leads techUK's emerging technologies activity across everything from immersive, web3, AI and robotics to space, gaming & metaverse.
This involves co-running techUK's flagship Innovation campaign, managing four series (including the 'Meet the Innovators' interview series), and launching 4-6-month 'sprint campaigns' on transformative technologies and sectors.
- Email:
- [email protected]
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- https://www.linkedin.com/in/rorydaniels28/
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Rory Daniels
Rory Daniels
Rory joined techUK in June 2023 after three years in the Civil Service on its Fast Stream leadership development programme.
During this time, Rory worked on the Government's response to Covid-19 (NHS Test & Trace), school funding strategy (Department for Education) and international climate and nature policy (Cabinet Office). He also tackled the social care crisis whilst on secondment to techUK's Health and Social Care programme in 2022.
Before this, Rory worked in the House of Commons and House of Lords alongside completing degrees in Political Economy and Global Politics.
Today, Rory leads techUK's emerging technologies activity across everything from immersive, web3, AI and robotics to space, gaming & metaverse.
This involves co-running techUK's flagship Innovation campaign, managing four series (including the 'Meet the Innovators' interview series), and launching 4-6-month 'sprint campaigns' on transformative technologies and sectors.
- Email:
- [email protected]
- LinkedIn:
- https://www.linkedin.com/in/rorydaniels28/
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Rory Daniels
Rory joined techUK in June 2023 after three years in the Civil Service on its Fast Stream leadership development programme.