Igniting innovation through deep tech SMEs is the focus of RSC-backed Westminster event

The Royal Society of Chemistry last night led calls for greater support for the transformative deep tech SME ecosystem at a special parliamentary event.

23 May 2023

Tanya Sheridan, our Head of Policy and Evidence, highlighted our Change Makers programme as one support network open to innovative research-intensive chemical ventures. She said she also hopes to see others help to catalyse high-potential science-led businesses during a speech at a Parliamentary and Scientific Committee (P&SC) meeting in the House of Commons.

Sponsored by the RSC, the event was titled ‘The Deep Tech SME Ecosystem – Supporting research-intensive SMEs to maximise their contribution to economic recovery’ and took place in the heart of British politics.

Among the attendees were figures from across the political spectrum, including Conservative MP and PASC Chairman Stephen Metcalfe, who chaired the discussions and is a member of the Science, Innovation and Technology Committee; fellow Tory MP Adam Afriyie; and Labour peer Stephen Benn, 3rd Viscount Stansgate, who is also the P&SC President.

Four speakers from across the scientific community came together to highlight the benefits of building a more supportive ecosystem for chemical businesses in the UK.

Tanya’s introductory 10-minute speech was followed by messages from Oxford nanoSystems founder Dr Alexander Reip; Professor Martin Freer, the Institute of Physics’ (IOP) Vice-President for Science and Innovation; and Dr Joe Marshall, the Chief Executive of the National Centre for Universities and Business (NCUB).

He then expressed a need for greater research and investment in skills development, even looking at early-stage education pathways to encourage more young people into STEM careers. Professor Freer would also like to see greater risk-sharing between the investor and public sectors to boost confidence and encourage experimentation.

Dr Marshall, who spoke about the NCUB’s belief in the importance of investment zones and partnerships with universities outside the ‘Golden Triangle’, also said there are contrasts between the UK and America when it comes to investment in deep tech SMEs.

He pointed to the fact that it is often entrepreneurs who invest in these types of businesses in the US, as opposed to slightly more impatient financiers in Britain, and observed there is more fluidity between industry and academia across the Pacific.

Echoing the views of the earlier speakers, Dr Marshall also stressed that there needs to be better access to finance, talent and infrastructure if Britain is to capitalise on its wealth of scientific opportunity.

The event concluded with an interesting Q&A session, with Tanya stressing that science often has the answers to global problems and said a longer-term perspective is needed when it comes to devising an industry strategy – a sentiment backed by Dr Reip and Professor Freer. Dr Marshall added that the 2017 commitment by Theresa May’s government to invest 2.4% of GDP into scientific R&D has not been followed up on by subsequent administrations.

This discussion was just one RSC-sponsored event that connects policymakers with science leaders. It follows on from March’s STEM for Britain event at Westminster and precedes next month's RSC-organised event in Wales, Science and the Senedd.