November 17, 2009
TIGA, the trade association representing the UK games industry, said today that the Government backed innovation investment fund for early stage technology companies should give serious consideration to investing in some early stage games businesses. The fund, outlined in 2008, is designed to support start-up companies in life sciences, low-carbon technologies and digital and advanced manufacturing. The fund has a budget of£1 billion and is planned to operate for a 15 year period.
Richard Wilson, CEO of TIGA, said:
“UK games developers have traditionally faced difficulties in raising finance from funders outside of the sector. The City of London has been relatively uninterested in investing in games, partly because of the risks involved. As a result, it has been comparatively hard to raise new funds for the creation of original intellectual property.
“Yet it would be a mistake to overlook the games industry. Separately, the Technology Strategy Board invested£577,000 in projects involving games businesses in 2008-09. This is testament to the fact that there are worthwhile investment opportunities in games businesses.
“There remains a need to invest in start up and early stage games development studios. The Government’s Innovation Investment Fund should back promising start up games businesses to encourage the development of original IP. Where possible, TIGA will highlight investment opportunities for the Fund with its membership.”
Notes to editors
The Rt Hon David Lammy, Minister for Higher Education and Intellectual Property, revealed information on the Technology Strategy Board’s investment in UK games businesses in a response to a question raised by Philip Davies MP.
Technology Strategy Board: Finance 05/11/09
Philip Davies: To ask the Minister of State, Department for Business, Innovation and Skills how much funding the Technology Strategy Board has allocated to (a) businesses and (b) video games businesses in 2008-09. <293982>
Mr. Lammy: During the financial year 2008-09 the Technology Strategy Board offered grant funding of£117.1 million to new projects involving UK businesses. Of this,£577,000 went to projects involving UK video games businesses.
TIGA is the trade association representing the UK’s games industry. The majority of our members are either independent games developers or in-house publisher owned developers. We also have outsourcing companies, technology businesses and universities amongst our membership.
TIGA's vision is to make the UK the best place in the world to do games business. We focus on three sets of activities: political representation, generating media coverage and developing services that enhance the competitiveness of our members. This means that TIGA members are effectively represented in the corridors of power, their voice is heard in the media and they receive benefits that make a material difference to their businesses, including a reduction in costs and improved commercial opportunities.
For more information please contact Eva Field, PR Manager, TIGA on E: firstname.lastname@example.org, M: 07814 039 983