Written question asked by Chi Onwurah (Labour) on Friday, 20 April 2012, in the House of Commons. It was due for an answer on Wednesday, 25 April 2012. It was answered by Lord Willetts (Conservative) on Wednesday, 25 April 2012 on behalf of the Department for Business, Innovation and Skills.

UK Innovation Investment Fund

Question: To ask the Secretary of State for Business, Innovation and Skills what assessment he has made of the current status of the UK Innovation Investment Fund (UKIIF); what his Department's plans are for the future of the UKIIF; and what evaluation he has made of the effectiveness of UKIIF's previous investments including an overall return on investment thus far.

Answer: The Department for Business, Innovation and Skills (BIS) has put in place an evaluation strategy to evaluate the effectiveness of the UK Innovation Investment Fund (UKIIF). A full impact evaluation will be conducted as the fund closes (typically 10-12 years once sufficient time has elapsed for benefits to be realised). However, BIS has commissioned Middlesex university to undertake an early assessment of UKIIF to provide an indication of the likely effectiveness of the fund. This will be made publicly available and published on the BIS website in early summer.Although the financial returns of the fund are one measure of success, the ultimate measure of the success of the fund will be the additional economic output and innovation spillovers that the fund enables.

Secondary information