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Yesterday we heard from Amadeus, Atlas Venture and Z/Yen about the challenges of getting funding for technology innovation here in the UK. All three were agreed that little venture capital is available, and as funds raised in the heady days of the dotcom boom end and less new funds are raised there will be even less in future. It seems there are problems both with the dotcom-era VC model of rapid increases in valuations and an early exit (apparently "down is the new up") and with the attractiveness of the UK for overseas investment given ever higher taxes and consolidation and government ownership of our financial sector.

On the positive side, more large corporates are turning to Open Innovation models to find close-to-market technologies, so there are opportunities for early revenues and exits through trade sale (although half of all Tech M&A last year was concentrated among Microsoft, Cisco, eBay, Oracle, HP and Google). Smaller funds and angel groups are still active in some sectors. It is ever cheaper to develop and distribute software, thanks to the internet, and so software businesses that can take an initial investment of $1M and achieve an exit of $20-$30M get funded. By contrast carbon futures, semiconductor or biotech ventures requiring $50M upwards to achieve larger valuations over longer periods are struggling. And companies with investors are having to plan and syndicate to control risks in upcoming funding rounds or where an existing investor sells their share. alfabetul in graffiti
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This week we met some major corporate investors trying to understand how Cambridge technology can contribute to their growth.

Brazil's GDP is predicted to grow 6% in 2010, and this rate is expected to continue until the middle of the decade. Brazilians are consuming more, with a rapidly expanding middle class and ambitious infrastructure projects worth $500BN in the next 5 years. Brazil is prioritising attracting technology innovation because they need to compete with China and India long term. We're hosting a delegation of the Brazilian Association for Private Equity and Venture Capital for next week, including BNDES, CRIATEC, DGF Investments, Rio Bravo, Portfolio Investments, and Svaros Ventures. They'll meet local businesses with agro-biotechnology, biodiversity-based drug discovery, and bio-energy and get to know the local angel and VC community.

Danaher is an industrial company that has grown at 20% p.a. compound from its original base in Mechanics' Hand Tools in the 1980s to cover Test & Measurement, Motion, Environmental, Product Identification, and Medical Technologies. Locally they own Linx and Leica. They made 20 acquisitions last year - strong brands in areas adjacent existing operations - and they want to get to know our companies better. cough and wheezing brown mucus
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