Games industry gets £4m development fund from UK Government

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The video games industry in the UK will get a £4 million funding boost over the next four years, allowing start-ups to turn ideas into reality.

The Video Games Prototype Fund, launched by the UK government on Monday, is aiming to boost the sector the sector which has already given the world global blockbusters like Tomb Raider, Little Big Planet or Grand Theft Auto.

Over the next four years, grants of up to £25,000 will be offered to video companies in their early stages. Up to £50,000 will be allocated for a limited number of projects for gamers to take their ideas beyond the prototype phase.

The fund forms part of a package of measures that the Government has introduced for the sector, including highly successful tax relief.

“Britain’s video games punch well above their weight internationally and we need to build on this and invest in the strength of our creativity," said minister for culture and digital economy Ed Vaizey.

"This fund will give small businesses, start-ups and individuals the support they need to better attract private investment and go on to create the blockbusters of tomorrow.” he added.

The funding will also create new jobs within gaming. Competitions and mentoring programmes are among the initiatives.

A report published last September found there were 1,908 video gaming companies in the UK. It also identified 12 gaming hubs, these including cities such as Brighton, Cambridge, Edinburgh, , Liverpool, London and Manchester.

The UK video games industry currently generates more than £4.5 million a day for the UK economy and directly employs more than 19,000 people.

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. This Fund is a great boost for the sector and will help projects better attract significant private investment.”