Global Entrepreneurs Programme Announces Record Mid-Year Results; US, Korean and Russian Companies Migrate to the UK
The GEP is an initiative of UK Trade & Investment, the British Government's main inward investment agency. Through a network of "Dealmakers," who are serial entrepreneurs with global business experience, the GEP transfers exceptional intellectual property and managerial talent to the UK in an effort to enhance British Business and "Entrepreneurial Britain."
“As evidenced by the record number of GEP wins and increased FDI, the UK has emerged as the favored destination for globally-minded entrepreneurs”
The latest wins, which include nanotech, wireless and renewable energy companies, brought in more than US$50 million in total investment value. The GEP is currently working with more than 60 entrepreneurs and since its inception in 2002, an additional 30 have successfully developed businesses or opportunities in the UK with GEP support. Migrating American entrepreneurs continue to lead the charge and the total investment dollar value generated over the last three years now exceeds US$100m.
Some of the highlights of this past year reflect the growing diversity of the GEP, including American, Russian and Korean entrepreneurs:
-- iCurie Lab Holdings Limited - Led by a former NASA engineer, this nanotechnology company has developed an innovative, next-generation "nano-cooling" technology. The GEP introduced iCurie to US and UK funding sources, and also enabled the company to migrate from Korea to the UK.
-- Vortis Technologies - This wireless antenna technology company has developed an accessory antenna that primarily enables the hearing-impaired to use cellular phones. With the help of the GEP and financing support from Scottish Enterprise, Vortis Technologies completed its "Silicon Valley-to-Silicon Glen" migration in June, 2005.
-- OM Energy Ltd. - This hydrogen energy company, which migrated from Russia, has developed a patented electro hydrogen generator and is the GEP's latest new client win.
The GEP's strong mid-year results further illustrate the UK's growing reputation as a leading global business hub. According to the European Investment Monitor report for 2005, the United Kingdom maintains its leading position as the most entrepreneurial country in Europe. The UK also remains the largest recipient of foreign direct investment (FDI) in Europe and the second-largest worldwide behind the US with US$78.5b.
"As evidenced by the record number of GEP wins and increased FDI, the UK has emerged as the favored destination for globally-minded entrepreneurs," said Mark Donougher, Head of the Global Entrepreneur Programme. "We are encouraged by the record number of new client wins. Clearly, the UK's favourable business climate is an increasingly attractive asset to innovative companies with exceptional intellectual property. As such, we expect even greater growth moving forward."
Donougher added: "Much of our success is due to our Dealmakers and their extraordinarily close relationships with key business communities, particularly in US and India. We will continue to support this important mission and ensure that "Entrepreneurial Britain" remains a thriving global business hub and the preferred gateway to European and global markets."
As part of its ongoing outreach within the US business community, the GEP will host two seminars - in New York and Boston - focused on the fast-growing Biotech sector. The New York event will take place on November 2nd with the Boston event following on November 3rd.
About UK Trade & Investment and The Global Entrepreneurs Programme
UK Trade & Investment is the government organization that provides integrated support services for both UK companies engaged in overseas trade, and foreign businesses focused on the UK as an inward investment location. For more information visit the web site at www.uktradeinvest.gov.uk.
UK Trade & Investment launched the Global Entrepreneurs Programme (GEP) in 2003 as a new approach to economic development. The GEP champions new business ideas by bringing together entrepreneurs and those who can best guide them towards success in the UK. The Dealmakers act as a liaison between the government and entrepreneurs. For more information visit the GEP website at www.entrepreneurs.gov.uk.