Many capitalists object instinctively to the idea of investing public funds in start-up companies, fearing that the money will be wasted on unsuitable enterprises. But Jonathan Kestenbaum believes that his organisation, Nesta – the National Endowment for Science, Technology and the Arts – will demonstrate how public funding can transform the outlook of Britain’s most innovative new businesses.
The Labour government set up Nesta in 1998 to channel some of the proceeds of the National Lottery into stimulating artistic and scientific creativity. But Mr Kestenbaum’s appointment as chief executive in 2006 was the signal for an overhaul, to make the organisation focus single-mindedly on innovation.
