How Much is the UK’s Tech Innovation Economy Worth?

Broader trends in fundingOverall, UK venture capital firms raised US$11.3bn in dry powder in 2024, a 59% increase from 2023, signalling a robust pipeline for future investments. International participation also grew, with 68% of funding rounds involving overseas backers.This trend was particularly pronounced in late-stage rounds, showcasing the global appeal of UK innovation.Other sectors saw notable growth, including health tech and enterprise software, each securing US$3.3bn in venture capital funding. Enterprise software, in particular, experienced a strong fourth quarter, with $1 billion raised—a 65% increase from the previous quarter—thanks to mega rounds by companies like Lighthouse, NScale and Tessl.HSBC itself is a strong proponent for this growth spurt. “As we look to 2025, we remain committed to partnering with firms across the ecosystem to support and accelerate growth,” Simon says.Explore the latest edition of Technology Magazine and be part of the conversation at our global conference series, Tech & AI LIVE.Discover all our upcoming events and secure your tickets today.Technology Magazine is a BizClik brand

White House Office of Science and Technology Policy provides in-house science advice for the president

Presidents need science advice. From climate change and pandemics to the governance of AI and the country’s nuclear arsenal, science sits at the center of a range of foreign and domestic policy challenges that reach the president’s desk.

Thankfully for the president – and the nation – the Office of Science and Technology Policy, known as OSTP, is just across the White House South Lawn in the Executive Office of the President. Led by the president’s science adviser, OSTP serves as a one-stop shop for everything science and innovation inside the White House.

The Office of Science and Technology Policy is also responsible for coordinating the government’s large, decentralized research and development policy system. With dozens of participating agencies, offices and departments – and 10 with individual R&D budgets of over a billion dollars annually – OSTP works to break down silos across the government and oversees the health of the nation’s vast R&D ecosystem.

As a research scholar studying the U.S. science advisory system, I am a close observer of OSTP and the president’s science agenda. President-elect Donald Trump recently selected Michael Kratsios, the chief technology officer from his previous administration, as his next science adviser and director of OSTP.

Here’s a look back at OSTP’s history, where the science adviser has made a difference, and how the office might be organized inside the Trump White House.

The Cold War origins of the science adviser

Like many good stories about U.S. science policy, OSTP’s begins with Sputnik. Just days after the Soviet Union took a commanding lead in the space race with the launch of Sputnik I and II in 1957, President Dwight Eisenhower upgraded the World War II-era Science Advisory Committee to be the President’s Science Advisory Committee. The one-word change signaled an elevated role of scientists inside the White House.

James Killian, second from left, the first science adviser, confers with committee members Donald Hornig, George Kistiakowsky and Jerome Wiesner.
AIP Emilio Segrè Visual Archives, Physics Today Collection

The President’s Science Advisory Committee was hugely influential during the Eisenhower and Kennedy administrations. It helped create NASA. It led the government’s response to Rachel Carson’s investigation of the dangers of widespread pesticide use, “Silent Spring,” which launched the modern environmental movement. And it was the driving force behind the dramatic growth in federal R&D spending in the 1960s.

President John F. Kennedy created the Office of Science and Technology, a predecessor to OSTP, to staff Committee activities and respond to increasing requests from the executive office about how best to fund federal science programs.

The President’s Science Advisory Committee’s influence waned in the late 1960s, burdened by the administrative duties of managing the growing U.S. R&D system and a diminishing role in national security. There were also concerns among White House political advisers that the committee put the interests of the scientific community ahead of the president’s. Some viewed the committee as a “science lobby,” driving public funds to support higher education.

The tensions between science and politics, fueled in part by the Vietnam War, erupted under President Nixon. After several committee members spoke out publicly against several of his flagship defense programs, Nixon abolished both the President’s Science Advisory Committee and the Office of Science and Technology in 1973.

The move provoked Congress to act. With support from President Gerald Ford, it passed the National Science and Technology Policy, Organization, and Priorities Act in 1976, which created the Office of Science and Technology Policy as an independent agency inside the White House and cemented the role of the science adviser into law. Nearly half a century later, this act remains the nation’s only attempt to establish a comprehensive national science policy.

The act designed the original blueprint for OSTP, much of which remains intact today. OSTP is led by a presidentially nominated, Senate-confirmed director who serves as science adviser, up to four Senate-confirmed associate directors and two policy councils: the President’s Council of Advisors on Science and Technology and the National Science and Technology Council. These bodies are organized to work in tandem: PCAST advises; NSTC acts.

With an annual operating budget of US$8 billion, OSTP is a tiny agency by U.S. government standards. It employs just two to three dozen full-time employees. Remaining staff serve on detail from elsewhere in the executive branch.

Biden meets with members of his President’s Council of Advisors on Science and Technology: Paula Hammond, science adviser Arati Prabhakar and council co-chair Maria Zuber.
@POTUS/X

Who has the president’s ear?

The Office of Science and Technology Policy is charged by Congress to “serve as a source of scientific and technological analysis and judgment for the president” and coordinate the nearly $200 billion-a-year U.S. federal R&D effort.

The office has been criticized, especially from within the science policy community, as being a minor player inside the White House. It has no real budget authority, and the stature of the science adviser is marked by how often the president takes his or her advice.

However, much of what the science adviser does happens outside public view. One of the position’s most important jobs has no footprint: The science adviser kills bad ideas. The science adviser is often the only voice in the White House fighting to keep science funding from being cut from the president’s annual budget request to Congress.

President Bush hosts his President’s Council of Advisors on Science and Technology for its inaugural meeting at Camp David in 1990. Science adviser Allan Bromley sits to his right, and chief of staff John Sununu to his left.
George H.W. Bush Presidential Library

Nevertheless, the science adviser’s influence has shown up on many policies, often closely related to the administration’s priorities. President George H.W. Bush’s science adviser, Allan Bromley, developed the country’s first national technology policy, laying the foundations for the U.S. government’s current approach to innovation.

President Bill Clinton’s advisers, John Gibbons and Neal Lane, championed early electric vehicles and nanotechnology.

President George W. Bush’s science adviser, Jack Marburger, spurred the creation of the “science of science policy” as a research discipline, leading to new knowledge about how science works and benefits the public.

Present Obama with science adviser John Holdren, left, and Secretary of Energy Steven Chu in the Oval Office.
National Archives Catalog

John Holdren, President Barack Obama’s science adviser, shifted federal energy and climate policy.

Biden’s scientists, Eric Lander, Alondra Nelson, Arati Prabhakar and Francis Collins, shepherded landmark policies on semiconductors, public access to federally funded research and AI.

Michael Kratsios, Trump’s pick to lead OSTP, has a background in tech.
Henrique Casinhas/SOPA Images/LightRocket via Getty Images

Science advice in the Trump White House

Until now, all science advisers have been trained scientists. Prior to serving as U.S. chief technology officer during Trump’s first term, Michael Kratsios had executive-level experience in venture capital and training in political science.

He’s an unconventional pick, but hardly controversial. Even without an advanced science, technology, engineering or math degree, Kratsios’ selection has been publicly very well received by STEM advocacy organizations, a sign of practicality in light of Trump’s erratic first-term record on science and well-documented disregard of scientific consensus.

Titles matter, especially in Washington. If confirmed by the Senate, Kratsios will serve as OSTP director as well as assistant to the president for science and technology, a title that indicates direct access to the president as a senior White House aide. With Silicon Valley’s outsize influence in the Trump transition, Kratsios and OSTP appear empowered to reshape America’s vision for science and innovation.

This story is part of a series of profiles of Cabinet and high-level administration positions.

‘More local businesses should do IPOs’: Anoop Moopen, Aster DM Healthcare director, at Kerala Business Summit 2025

Local businesses should aim to do Initial Public Offerings (IPOs) and public listings, said Anoop Moopen, director at Aster DM Healthcare at the Malayala Manorama Sampadyam Kerala Business Summit 2025.Speaking at a session titled “The future belongs to innovators”, Moopen explained how an IPO and a public listing helped the hospital giant to expand its portfolio beyond traditional means of scaling up a business.

Moopen took the delegates of the business summit through the journey of Aster from a single-doctor clinic in 1987 to the multi-billion-dollar healthcare company it is today.

ALSO READ: ‘Without technology, you are dead’: Ex-Union minister Rajeev Chandrasekhar at Kerala Business Summit 2025

Aster is currently one of the largest healthcare providers in the Middle East. Along with its India arm, Aster boasts a total of 34 hospitals, 133 clinics, 590 pharmacies, and 232 laboratories.

Urging more businesses to leverage the Indian stock market, Moopen highlighted how major safeguards are in place for growing entities to list in the market through IPO. Moopen lauded the Securities and Exchange Board of India (SEBI) for ensuring a safe and sustainable scaling up and public listing for businesses.

Other eminent personalities in business and stakeholders in investments and education shared their insights on public listings.

“Even small and medium-sized companies can look at IPOs,” said DBFS MD Prince George, backing Moopen’s stance on public offerings.

“For exposure, IPOs are good,” said Rajan Paul, a seasoned investment consultant based in Kochi. When asked if IPOs are being overvalued, Paul quipped, “Only the media is overvaluing it.” He added that IPOs help businesses reach more people.

Education specialist Dr Roji George, who is also the vice principal of Saintgits College of Engineering (Autonomous), weighed in that public listings of companies can aid in capital formation. “Customers get confidence in your brand.”

This confidence boost is not limited to stakeholders. “Not only investors but also business partners and vendors feel confident in your brand,” George said.

However, the educator cautioned about overvaluation and urged market investors to learn more about the fundamentals of a company before investing. “Some companies hide certain details, and this is why certain IPOs fail,” he said.

2024 was a year that saw major IPOs in the stock market, with significant names such as Hyundai India and Swiggy creating an “investing rush” with oversubscribed offerings.

The second edition of the Kerala Business Summit—supported by Muthoot Fincorp, along with Bank of Baroda, DBFS, and CIAL—kicked off at the Grand Hyatt Bolgatty in Kochi on January 16, 2025.

Specialist communications consultancy appointed to deliver comms for two leading science organisations

Watch more of our videos on ShotsTV.com and on Freeview 262 or Freely 565Visit Shots! nowPerceptive Communicators continues to support clients transforming futures with two significant client wins within Scotland’s burgeoning life science and biotechnology sectors.Perceptive Communicators continues to support clients transforming futures with two significant client wins within Scotland’s burgeoning life science and biotechnology sectors. Perceptive has been appointed by leading biotechnology scale-up Remora as it looks to build its brand and enter new markets with its unique and sustainable biotechnology solution which prevents harmful biofilms. These are a leading cause of infection in humans and animals, as well as damage and degradation to surfaces and materials. The award-winning Remora technology stops biofilm formation at its earliest stages, offering a highly effective solution for all types of biofilm across multiple sectors from textiles to medical devices. Julie Moulsdale – Perceptive CommunicatorsPerceptive has been appointed to deliver strategic communications support, message development, media relations and social media support to build brand awareness across a wide-range of sectors. Dr Richard Hammond, CEO of Remora, said: “As we introduce our technology to new markets and develop our reputation, we have partnered with Perceptive Communicators to help refine our messaging and develop a strategic communications strategy. What drew us to Perceptive was its clear understanding of the biotechnology sector, as well as its well-established communications expertise. We’re on a very exciting growth journey and look forward to the Perceptive team supporting us.” Following a successful initial project, Perceptive was also appointed to develop a comprehensive strategic communications plan and manage the creation of digital content for Kadans Science Partner ahead of the launch of its highly-anticipated Health Innovation Hub (HiH) located beside the Queen Elizabeth University Hospital in Glasgow later this year. Kadans Science Partner is the largest provider of science space in Europe and is dedicated to investing in the development of real estate within knowledge-intensive sectors. HiH, a flagship investment within the Glasgow Riverside Innovation District (GRID), will offer state-of-the-art lab and office space for commercial businesses focused on advancing and delivering precision medicine technologies. It is being delivered in collaboration with The Living Laboratory, a partnership made up of the University of Glasgow, Scottish Enterprise and Glasgow City Council, dedicated to strengthening Glasgow’s position as a leader in healthcare innovation.CGI of Health and Innovation HubKatie Nelson, Head of Leasing, UK & Ireland for Kadans Science Partner, said: “The Health Innovation Hub is Glasgow’s newest purpose-built life science facility on the doorstep of Queen Elizabeth University Hospital and focuses on supporting development of precision medicine solutions. “Perceptive’s expertise and connections in the life science space in Scotland has been incredibly helpful. We’re looking forward to working closely together as we prepare to launch in Autumn.”Julie Moulsdale, Managing Director at Perceptive Communicators, added: “Our purpose is to work with clients who are improving lives and transforming futures, and that’s precisely the case with Kadans Science Partner and Remora. It’s been really exciting to get under the skin of these game changing brands as we work to make a meaningful and commercial impact to both businesses through our strategic communications expertise. It was fantastic to end 2024 on a high with a flurry of new business wins across our specialist sectors and we’re excited for the year ahead.” Glasgow-headquartered communications consultancy Perceptive Communicators supports clients working across science, technology and the built environment who are improving lives and transforming futures every day.Perceptive Communicators was recently named within the Top 50 Inspiring Workplaces 2024 and won Supporting Organisation of the Year at Homes for Scotland 2024, recognising its results driven approach for clients and creation of a people first culture within the organisation. Perceptive’s managing director was also recognised in the Business Women Scotland’s Top 100. Continue Reading

Specialist communications consultancy appointed to deliver comms for two leading science organisations

Watch more of our videos on ShotsTV.com and on Freeview 262 or Freely 565Visit Shots! nowPerceptive Communicators continues to support clients transforming futures with two significant client wins within Scotland’s burgeoning life science and biotechnology sectors.Perceptive Communicators continues to support clients transforming futures with two significant client wins within Scotland’s burgeoning life science and biotechnology sectors. Perceptive has been appointed by leading biotechnology scale-up Remora as it looks to build its brand and enter new markets with its unique and sustainable biotechnology solution which prevents harmful biofilms. These are a leading cause of infection in humans and animals, as well as damage and degradation to surfaces and materials. The award-winning Remora technology stops biofilm formation at its earliest stages, offering a highly effective solution for all types of biofilm across multiple sectors from textiles to medical devices. Julie Moulsdale – Perceptive CommunicatorsPerceptive has been appointed to deliver strategic communications support, message development, media relations and social media support to build brand awareness across a wide-range of sectors. Dr Richard Hammond, CEO of Remora, said: “As we introduce our technology to new markets and develop our reputation, we have partnered with Perceptive Communicators to help refine our messaging and develop a strategic communications strategy. What drew us to Perceptive was its clear understanding of the biotechnology sector, as well as its well-established communications expertise. We’re on a very exciting growth journey and look forward to the Perceptive team supporting us.” Following a successful initial project, Perceptive was also appointed to develop a comprehensive strategic communications plan and manage the creation of digital content for Kadans Science Partner ahead of the launch of its highly-anticipated Health Innovation Hub (HiH) located beside the Queen Elizabeth University Hospital in Glasgow later this year. Kadans Science Partner is the largest provider of science space in Europe and is dedicated to investing in the development of real estate within knowledge-intensive sectors. HiH, a flagship investment within the Glasgow Riverside Innovation District (GRID), will offer state-of-the-art lab and office space for commercial businesses focused on advancing and delivering precision medicine technologies. It is being delivered in collaboration with The Living Laboratory, a partnership made up of the University of Glasgow, Scottish Enterprise and Glasgow City Council, dedicated to strengthening Glasgow’s position as a leader in healthcare innovation.CGI of Health and Innovation HubKatie Nelson, Head of Leasing, UK & Ireland for Kadans Science Partner, said: “The Health Innovation Hub is Glasgow’s newest purpose-built life science facility on the doorstep of Queen Elizabeth University Hospital and focuses on supporting development of precision medicine solutions. “Perceptive’s expertise and connections in the life science space in Scotland has been incredibly helpful. We’re looking forward to working closely together as we prepare to launch in Autumn.”Julie Moulsdale, Managing Director at Perceptive Communicators, added: “Our purpose is to work with clients who are improving lives and transforming futures, and that’s precisely the case with Kadans Science Partner and Remora. It’s been really exciting to get under the skin of these game changing brands as we work to make a meaningful and commercial impact to both businesses through our strategic communications expertise. It was fantastic to end 2024 on a high with a flurry of new business wins across our specialist sectors and we’re excited for the year ahead.” Glasgow-headquartered communications consultancy Perceptive Communicators supports clients working across science, technology and the built environment who are improving lives and transforming futures every day.Perceptive Communicators was recently named within the Top 50 Inspiring Workplaces 2024 and won Supporting Organisation of the Year at Homes for Scotland 2024, recognising its results driven approach for clients and creation of a people first culture within the organisation. Perceptive’s managing director was also recognised in the Business Women Scotland’s Top 100. Continue Reading

SJM presents ‘The Legend of Macau Experience Tour’ for Southeast Asian tourists

SJM Resorts, S.A. (“SJM”) hosted “The Legend of Macau Experience Tour” last month, in another initiative to support the Macao SAR Government’s efforts to diversify its international tourism market.

This 3-day familiarisation tour welcomed approximately 40 tourism industry representatives from Singapore, Malaysia, Thailand, and Indonesia. Participants experienced a blend of tradition and innovative facilities at SJM’s flagship property, the Grand Lisboa Palace Resort Macau and explored iconic landmarks within Macau peninsula.

Grand Lisboa Palace Resort Macau

This curated itinerary showcased Macau’s unique fusion of Eastern and Western cultures, highlighting its vibrant “Tourism+” elements and polishing Macau’s “golden business card” as an international metropolis. SJM hopes to strengthen industry partnerships, explore future collaborations and attract more international visitors to Macau by providing first-hand exposure to exceptional offerings and services. 

Ms. Daisy Ho, Managing Director of SJM, stated: “In recent years, the growing number of visitors from Southeast Asia has highlighted the immense potential of this market as a key driver for Macau’s tourism development. This familiarisation tour provided SJM with a valuable platform to showcase Macau’s diverse and dynamic ‘Tourism+’ offerings.”

“Through direct engagement and meaningful exchanges with industry professionals, we gained insights into the specific needs of their local markets. These insights will help us craft more unique travel experiences, attracting more visitors to Macau and inviting them to explore the captivating charm of the ‘World Centre of Tourism and Leisure.’”

SJM orchestrated a captivating and diverse experiential tour for representatives from prominent travel agencies, tour operators, airlines, and MICE planning firms. Through enjoying exquisite Chinese cuisine at the two-MICHELIN-starred “The Eight,” Portuguese delicacies at the contemporary “Mesa by José Avillez,” global cuisine at “The Grand Buffet” and more, delegates were impressed with Macau’s extraordinary charm as a “Creative City of Gastronomy.”

Mesa by José Avillez

Beyond gastronomy, the representatives experienced Macau’s diverse tourism elements like sports, advanced technology, art and creativity, and Chinese culture through SJM’s innovative themed amusements, including the Martial Arts Arena, AI Wonderland, GLP Arte, the festive Snoopy Winter Holidays, the immersive “SJM presents: Macau Art City · Naked Ocean,” and FORTUNE REALMS: Pop-Up Museum of Chinese Culture & Arts (Macau Station). 

Delegates also embarked on a captivating journey through San Ma Lo district, where the fusion of Eastern and Western architecture vividly illustrated Macau’s unique history and heritage. They purchased distinctive souvenirs at cultural and creative shops and indulged in delicious local fare, immersing themselves in the vibrant atmosphere. 

Iconic landmarks, including the Grand Lisboa, Hotel Lisboa, Ponte 16, and Kam Pek Market, offered further glimpses into Macau’s prosperity and stunning urban landscape. Delegates expressed that this trip offered valuable insights into Macau’s culture and tourism strengths, inspiring them to share Macau’s stories and effectively promote the city to more visitors.

Southeast Asia has long been a key pillar of international visitor markets for both Macau and SJM, with Malaysia, Indonesia, Singapore, and Thailand among the top source markets to SJM’s hotel portfolio. Recognizing the region’s strategic importance, SJM has actively engaged with industry stakeholders in 2024 through initiatives such as Macao Government Tourism Office’s (“MGTO”) Experience Macau roadshows and SJM’s own Legend of Macau campaigns.

Looking ahead, SJM will continue to work closely with the Macau Government and industry partners to expand international visitor markets. Aligned with the “1+4” strategy for moderately diversified development and the “Tourism+” integrated development initiatives, SJM remains committed to driving innovative exchanges and promotional activities to unlock broader market opportunities and sustain the long-term prosperity of Macau’s tourism industry. 

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SJM presents ‘The Legend of Macau Experience Tour’ for Southeast Asian tourists

SJM Resorts, S.A. (“SJM”) hosted “The Legend of Macau Experience Tour” last month, in another initiative to support the Macao SAR Government’s efforts to diversify its international tourism market.

This 3-day familiarisation tour welcomed approximately 40 tourism industry representatives from Singapore, Malaysia, Thailand, and Indonesia. Participants experienced a blend of tradition and innovative facilities at SJM’s flagship property, the Grand Lisboa Palace Resort Macau and explored iconic landmarks within Macau peninsula.

Grand Lisboa Palace Resort Macau

This curated itinerary showcased Macau’s unique fusion of Eastern and Western cultures, highlighting its vibrant “Tourism+” elements and polishing Macau’s “golden business card” as an international metropolis. SJM hopes to strengthen industry partnerships, explore future collaborations and attract more international visitors to Macau by providing first-hand exposure to exceptional offerings and services. 

Ms. Daisy Ho, Managing Director of SJM, stated: “In recent years, the growing number of visitors from Southeast Asia has highlighted the immense potential of this market as a key driver for Macau’s tourism development. This familiarisation tour provided SJM with a valuable platform to showcase Macau’s diverse and dynamic ‘Tourism+’ offerings.”

“Through direct engagement and meaningful exchanges with industry professionals, we gained insights into the specific needs of their local markets. These insights will help us craft more unique travel experiences, attracting more visitors to Macau and inviting them to explore the captivating charm of the ‘World Centre of Tourism and Leisure.’”

SJM orchestrated a captivating and diverse experiential tour for representatives from prominent travel agencies, tour operators, airlines, and MICE planning firms. Through enjoying exquisite Chinese cuisine at the two-MICHELIN-starred “The Eight,” Portuguese delicacies at the contemporary “Mesa by José Avillez,” global cuisine at “The Grand Buffet” and more, delegates were impressed with Macau’s extraordinary charm as a “Creative City of Gastronomy.”

Mesa by José Avillez

Beyond gastronomy, the representatives experienced Macau’s diverse tourism elements like sports, advanced technology, art and creativity, and Chinese culture through SJM’s innovative themed amusements, including the Martial Arts Arena, AI Wonderland, GLP Arte, the festive Snoopy Winter Holidays, the immersive “SJM presents: Macau Art City · Naked Ocean,” and FORTUNE REALMS: Pop-Up Museum of Chinese Culture & Arts (Macau Station). 

Delegates also embarked on a captivating journey through San Ma Lo district, where the fusion of Eastern and Western architecture vividly illustrated Macau’s unique history and heritage. They purchased distinctive souvenirs at cultural and creative shops and indulged in delicious local fare, immersing themselves in the vibrant atmosphere. 

Iconic landmarks, including the Grand Lisboa, Hotel Lisboa, Ponte 16, and Kam Pek Market, offered further glimpses into Macau’s prosperity and stunning urban landscape. Delegates expressed that this trip offered valuable insights into Macau’s culture and tourism strengths, inspiring them to share Macau’s stories and effectively promote the city to more visitors.

Southeast Asia has long been a key pillar of international visitor markets for both Macau and SJM, with Malaysia, Indonesia, Singapore, and Thailand among the top source markets to SJM’s hotel portfolio. Recognizing the region’s strategic importance, SJM has actively engaged with industry stakeholders in 2024 through initiatives such as Macao Government Tourism Office’s (“MGTO”) Experience Macau roadshows and SJM’s own Legend of Macau campaigns.

Looking ahead, SJM will continue to work closely with the Macau Government and industry partners to expand international visitor markets. Aligned with the “1+4” strategy for moderately diversified development and the “Tourism+” integrated development initiatives, SJM remains committed to driving innovative exchanges and promotional activities to unlock broader market opportunities and sustain the long-term prosperity of Macau’s tourism industry. 

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