NESTA
Encyclopedia
The National Endowment for Science, Technology and the Arts (NESTA) is an independent endowment
in the United Kingdom
established by an Act of Parliament
in 1998.
The company acts through a combination of practical programmes, early stage investment, research and policy, and the formation of partnerships to foster innovation and deliver radical new ideas. Funded by a £250 million endowment from the UK National Lottery
, NESTA uses the interest from that endowment to fund and support its projects.
On 14 October 2010 the Government announced that it will transfer NESTA's status from an executive non-departmental public body
to a charitable body. NESTA's work to tackle social and economic issues in the UK at no cost to the taxpayer will continue.
's Ingenious Britain report, and published a series of research papers—The Vital 6 Percent, Attacking the Recession, and Mass Localism—that influenced all of the three major party manifestos in the UK general election in 2010.
The company also has a venture capital arm which invests in early-stage companies through direct investment. They use their unique position in the market to leverage a higher proportion of private finance on top of their own initial investment to stimulate economic growth.
Recent examples of their work were The Big Green Challenge, a £1 million prize fund to stimulate community action on climate change, and Health Launchpad, a project to transform the delivery of healthcare in the UK.
One such example was the Alpha production by Wayne McGregor Random Dance. The project was supported by NESTA, the Arts Council England
and Sadler's Wells Theatre, with animation and visual effects created by Mark Hatchard
of Hotbox Studios and Hotbox Events
. The production toured internationally.
Financial endowment
A financial endowment is a transfer of money or property donated to an institution. The total value of an institution's investments is often referred to as the institution's endowment and is typically organized as a public charity, private foundation, or trust....
in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
established by an Act of Parliament
Parliament of the United Kingdom
The Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative body in the United Kingdom, British Crown dependencies and British overseas territories, located in London...
in 1998.
The company acts through a combination of practical programmes, early stage investment, research and policy, and the formation of partnerships to foster innovation and deliver radical new ideas. Funded by a £250 million endowment from the UK National Lottery
National Lottery (United Kingdom)
The National Lottery is the state-franchised national lottery in the United Kingdom and the Isle of Man.It is operated by Camelot Group, to whom the licence was granted in 1994, 2001 and again in 2007. The lottery is regulated by the National Lottery Commission, and was established by the then...
, NESTA uses the interest from that endowment to fund and support its projects.
On 14 October 2010 the Government announced that it will transfer NESTA's status from an executive non-departmental public body
Non-departmental public body
In the United Kingdom, a non-departmental public body —often referred to as a quango—is a classification applied by the Cabinet Office, Treasury, Scottish Government and Northern Ireland Executive to certain types of public bodies...
to a charitable body. NESTA's work to tackle social and economic issues in the UK at no cost to the taxpayer will continue.
Economic growth
NESTA's Policy and Research team publishes a wide range of research papers designed for policy makers. Most recently it contributed to James DysonJames Dyson
Sir James Dyson is a British industrial designer and founder of the Dyson company.He is best known as the inventor of the Dual Cyclone bagless vacuum cleaner, which works on the principle of cyclonic separation. His net worth in 2011 was said to be £1.45 billion.-Early life:Dyson was born in...
's Ingenious Britain report, and published a series of research papers—The Vital 6 Percent, Attacking the Recession, and Mass Localism—that influenced all of the three major party manifestos in the UK general election in 2010.
The company also has a venture capital arm which invests in early-stage companies through direct investment. They use their unique position in the market to leverage a higher proportion of private finance on top of their own initial investment to stimulate economic growth.
Public services
NESTA's Public Services Lab aims to test out radical theories and produce practical programmes to demonstrate how innovative schemes can improve public services and benefit local communities.Recent examples of their work were The Big Green Challenge, a £1 million prize fund to stimulate community action on climate change, and Health Launchpad, a project to transform the delivery of healthcare in the UK.
Creative industries
NESTA's Creative Industries team seeks to enable those in the creative sector to improve their business expertise. It has set up a number of mentoring schemes across industries such as video games, fashion and film, to help creatives bring their ideas to market.One such example was the Alpha production by Wayne McGregor Random Dance. The project was supported by NESTA, the Arts Council England
Arts Council England
Arts Council England was formed in 1994 when the Arts Council of Great Britain was divided into three separate bodies for England, Scotland and Wales. It is a non-departmental public body of the Department of Culture, Media and Sport...
and Sadler's Wells Theatre, with animation and visual effects created by Mark Hatchard
Mark Hatchard
Mark Hatchard is a director of the Hotbox Studios animation and design company and is involved with the contemporary arts and music festival group, Festival Republic, through Hotbox Studios' sister company Hotbox Events...
of Hotbox Studios and Hotbox Events
Hotbox Events
Hotbox Events is a company that recruits and manages staff and volunteers for UK festivals such as the Leeds Festival, Reading Festival, Latitude Festival and The Big Chill...
. The production toured internationally.