Published date: 27 March 2024
Closed opportunity - This means that the contract is currently closed. The buying department may be considering suppliers that have already applied, or no suitable offers were made.
Contract summary
Industry
Education and training services - 80000000
Location of contract
Any region
Value of contract
£1,500,000
Procurement reference
tender_406163/1336713
Published date
27 March 2024
Closing date
29 April 2024
Closing time
3pm
Contract start date
27 May 2024
Contract end date
27 May 2025
Contract type
Service contract
Procedure type
Open procedure (above threshold)
Any interested supplier may submit a tender in response to an opportunity notice.
This procedure can be used for procurements above the relevant contract value threshold.
Contract is suitable for SMEs?
Yes
Contract is suitable for VCSEs?
No
Description
DSIT is seeking to procure an implementing partner to design and deliver a "Science and Technology (S&T) Venture Capital Fellowship", a 12-month pilot programme with the possibility to extend for a further year.
Enhancing investor capability to identify opportunities and deploy capital into scaling firms with a focus on science and technology, is critical to reaching the UK's ambitions. In particular, research-intensive sectors such as deep-tech and life sciences require talented investors with deep domain expertise and a specialised understanding of the characteristics associated with these sectors such as longer investment horizons and scaling needs. While the UK already has an impressive set of venture capital (VC) firms that specialise in these sectors, capacity and skills gaps have been reported, and these are likely to be exacerbated by greater demand put on the system by capital due to be unlocked from institutional investors as part of the Mansion House reforms (see below). Moreover, both the Life Sciences Scale-up Taskforce and the Council for Science and Technology (CST) have identified a lack of S&T specialist investors in the UK. The development of new funds which may help to reduce funding gaps are also reliant on the development of talent in the UK financing ecosystem.
To address this gap, at the autumn statement it was announced that the government will establish a S&T VC Fellowship programme. This Fellowship will support the investor base to better access, engage with and ultimately invest in the UK S&T ecosystem, supporting a growing network of high performing investors and funds across UK S&T VC and ultimately creating a pipeline of future S&T fund managers ready to commercialise the UK's science and tech base.
As a pilot programme, the Fellowship should support a one-year cohort of 20-30 professional investors, drawn from high potential mid-level professional talent from UK-based VC firms (experienced Associate/Manager/Principal level) and high calibre entrepreneurs transitioning into venture capital with a strong interest in investing into Deep Tech and/or Life Sciences. In line with the Mansion House Reforms, we propose to include participants from other asset classes seeking to invest into unlisted equities.
Full information and how to apply for this tender can be found here under 'live opportunities':
https://beisgroup.ukp.app.jaggaer.com
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Closing: 29 April 2024, 3pm
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