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Thursday 24th July 2008
Those who have ever watched the business program ‘The Dragons Den’ will be well aware of the format which sees budding entrepenurs bid to secure additional funding from a panel of business people. It seems as though bosses at GlaxoSmithkline are big fans of the show having announced their own internal ‘Dragons Den’.
In a move which will see an internal panel of directors and outside experts brought into the new venture, scientists from within GlaxoSmithkline will be invited to pitch for funding for their projects with an annual budget of $1 billion for the panel. The process will be handled in a hands off style with objective comments and decisions although only the best ideas will make it through to the funding stage.
GlaxoSmithkline has also announced plans to create a separate corporate venture fund which will again invite those looking for funding to pitch for a direct investment from the company. While this approach has not received wide spread acclaim it does offer a direct route to the more adventurous scientists in the UK and overseas. The company itself is looking to get back onto a more predictable growth path and take a number of educated gambles for the future. |
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