The Video Games Prototype Fund launched today in the United Kingdom, releasing £4 million in funds over the next four years for smaller developers. There will also be a second tier supplying funding of up to £50,000 to more advanced projects.
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Paul Durrant, Managing Director, UK Games Talent and Finance CIC said: “Funding for both prototype development and talent support can really make a difference in the early stages of creative and business development”. Competitions and mentoring programmes are among the initiatives. An emphasis will also be on nurturing new talent in the sector, with mentoring opportunities and skills support being provided along with the financial backing to successful applicants to the fund.
The United Kingdom video games industry now generates more than £4.5m a day for the United Kingdom economy and directly employs more than 19,000 people. The UK Interactive Entertainment (UKIE) trade body has found that 95 per cent of all gaming companies are small or micro businesses, with an average of 120 employees per business.
Ed Vaizey is the person within the United Kingdom government who looks after the gaming industry.
“This fund will give small businesses, startups and individuals the support they need to better attract private investment and go on to create the blockbusters of tomorrow”.
The Prototype fund will build on a previous government-supported scheme, which was successfully run by Dundee’s Abertay University between 2010 and 2014. The idea is to help games progress from “the drawing board and into the production”.
Ian Livingstone, fantasy author and video games entrepreneur, said: “The United Kingdom has a long history of developing world-class video games”.
“This fund will encourage and incentivise new talent to carry on that important legacy”.
Those interesting in applying can find more information and relevant details on the official UK Games Fund site. It also identified 12 gaming hubs.
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Access to finance is an ongoing problem for fledgling games development businesses attempting to create and retain new Intellectual Property.
