§ Mr. Stephen O'BrienTo ask the Secretary of State for Trade and Industry what assessment she has made of the impact that(a) regional venture capital funds have had on (i) the overall productivity of United Kingdom businesses and (ii) reducing disparities in regional productivity, (b) Faraday centres have had on enterprise areas, (c) University Challenge Seed Funds and (d) the SMART scheme. [146147]
§ Jacqui SmithThe nine regional venture capital funds have only recently become operational. The first funds became operational in January 2002 and the final fund in July 2003. These funds have a 10 to 12 year lifespan and it is, therefore, too early to assess their impact on the areas you have identified. Plans are already in hand, to assess their impact at the appropriate time.
An early evaluation, to measure progress, was concluded in July 2003 and a summary report can be found on the following website address: http://www.sbs.gov.uk/content/finance/SBS_RVCF_Esummary_ july2003.pdf