Matthew Jones, Managing Director of LimestoneGrey, was invited to speak at Climb26, the UK’s Festival of Business Growth and Innovation, held in Leeds.
Climb26 brought together founders, investors, scale-ups, business leaders and innovation partners with a shared purpose: to move beyond conversation and focus on practical, commercial growth. For companies in innovation-led sectors, that purpose feels timely. The challenge is no longer whether the UK can produce excellent science. It can. The bigger question is how more of that science can be translated into investable, scalable and commercially successful businesses.
A panel built around science, scale and support
Matthew joined the “From Brilliant Science to Big Business” panel on the ClimbHealth stage, invited by Bionow. The panel brought together founders, CEOs and people who support high-growth science-led companies: Matthew Jones, Managing Director of LimestoneGrey; Chris Allen, CEO of Broughton Group; Professor Helen Philippou, CEO of ClotProtect Therapeutics; Paul Thorning, CEO of Crystec Pharma; and Karen Davies, Head of Strategic Relationships at Equans Sci-Tech.
That blend of perspectives made for a valuable discussion: not simply celebrating innovation, but looking honestly at what it takes to build a business around it.
Good science is only the starting point
One key theme was the difference between good science and a real commercial opportunity. In life sciences, medtech and deep tech, technical excellence is essential but rarely enough on its own. A strong business needs a clear route to market, a defined customer or patient need, credible evidence, the right team, sound finances and a funding strategy that supports the journey from research to commercialisation.
For founders, that means thinking commercially much earlier than many expect. Investors are not just backing the science; they are backing the company’s ability to execute.
Building for scale, not just growth
Growth can happen organically. Scale requires readiness: systems, governance, financial discipline, a clear commercial model and the ability to withstand investor, partner and regulatory scrutiny.
The panel also considered whether the UK does enough to help companies stay and scale here. The UK has world-leading research, strong academic institutions and a deep life sciences ecosystem, but many companies still struggle in the move from early-stage innovation to later-stage commercial growth. This is where predictability matters: founders need to understand the support available, and they need stability in the funding and tax rules so they can plan with confidence.
Funding growth: cheapest money first
From LimestoneGrey’s perspective, the most important message was about funding sequence. The principle Matthew discussed was simple: cheapest money first. Grants first, then R&D tax relief, then debt, with equity used last where possible. Every pound of non-dilutive funding secured is a pound of equity a founder does not need to give away.
For life sciences companies, where timelines are long and milestones expensive, this can make a significant difference. R&D tax relief should not be treated as a year-end afterthought: for a loss-making research company, ERIS can return around a quarter of qualifying R&D spend as cash, helping to extend runway to the next technical, regulatory or commercial milestone.
Investor confidence starts before the pitch
A compelling story and exciting technology matter, but investor confidence is also built through diligence-readiness: clean books, clear records, well-supported technical evidence and an R&D claim that can survive scrutiny.
A well-prepared R&D claim strengthens a company’s financial position. A badly prepared one does the opposite: if a claim is weak, poorly documented or unable to withstand HMRC review, it becomes a liability rather than a win. Investors want to understand the risks as well as the opportunity, and credible R&D documentation is part of that picture.
The UK life sciences opportunity
The life sciences sector remains one of the UK’s most important growth opportunities. Launching the Life Sciences Sector Plan in July 2025, the Government put the sector at around £100 billion to the economy and around 300,000 people. The Office for Life Sciences has since estimated 2023/24 turnover at £146.9 billion and employment at 359,600, on a revised methodology that is not comparable with the earlier figures. There are also signs of renewed focus on scale-up funding: under the Government’s modern Industrial Strategy, the British Business Bank is committing an additional £4 billion of Industrial Strategy Growth Capital across the eight growth-driving sectors, life sciences among them, expected to crowd in around £12 billion of private capital.
The sector’s potential is not in question. The UK has the science, the talent and the entrepreneurial ambition. The challenge is ensuring more companies have the right financial, commercial and strategic support to grow here.
Relief has reduced, but predictability is returning
From an R&D tax perspective, the picture is nuanced. Relief for a typical SME is now roughly half what it was three years ago, but the most R&D-intensive companies have been protected, with support for qualifying loss-making businesses held at up to 26.97p per £1 under ERIS. After several years of significant change, the regime has started to settle, and for founders and finance teams, predictability can be just as important as headline generosity.
Advice for founders: build the business around the science
A recurring message: do not wait until you are fundraising, scaling or preparing for diligence to get the foundations in order. Protect your runway, preserve your equity where possible, document your R&D properly and treat compliance as part of commercial readiness. Our article on preparing a claim that withstands scrutiny sets out where to start.
Matthew Jones commented: “Climb26 was a valuable opportunity to discuss the realities of turning brilliant science into sustainable businesses. The UK has an exceptional life sciences sector, but innovation alone is not enough. Founders need the right funding sequence, strong financial foundations and a business that is ready for scrutiny.
For early-stage companies, non-dilutive funding can be incredibly powerful when used properly. Grants and R&D tax relief can help extend runway, protect equity and support the journey to the next milestone. But the key is doing it well. A well-evidenced R&D claim can strengthen a business. A poor one can create risk.
It was a pleasure to contribute to the panel alongside such experienced voices, and thank you to Bionow for inviting me to be part of the conversation.”
To discuss how R&D tax relief could form part of your funding strategy, get in touch.
Sources
- Life Sciences Sector Plan to grow economy and transform NHS — DSIT, 16 July 2025: the launch-day framing of the sector as “worth around £100 billion to the economy, and employing around 300,000 people”.
- Life Sciences Sector Plan — DSIT, DBT, DHSC and the Office for Life Sciences; plan published 16 July 2025, HTML edition updated 9 July 2026: Action 13 commits the British Business Bank to an additional £4 billion of Industrial Strategy Growth Capital across the eight Industrial Strategy sectors, crowding in £12 billion of private sector capital.
- Bioscience and health technology sector statistics 2023 to 2024 — Office for Life Sciences, 2 October 2025: 359,600 people employed and £146.9 billion of turnover across the UK life sciences industry in 2023/24.
- Life Sciences Sector Plan: One Year On — DBT, DSIT, DHSC and the Office for Life Sciences, 9 July 2026 (PDF): page 23 records the British Business Bank’s additional £4 billion as “expected to crowd in around £12 billion of private investment”, and page 48 that “£379 million of public capital has been committed by the British Business Bank to specialist life sciences funds and companies over the last year”.
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