From Brilliant Science to Big Business: Reflections from Climb26
Where Ambitious Businesses Came to Scale Faster
On Wednesday 1 July 2026, 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. The festival is designed to help ambitious businesses scale faster, build meaningful networks and turn strong ideas into real-world impact.
For companies operating in innovation-led sectors, that purpose feels particularly timely. The challenge is no longer simply 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, which supported Climb26 as part of its focus on innovation, industry and investment.
The panel brought together a strong mix of 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. It was not simply about celebrating innovation, but about looking honestly at what it takes to build a business around it.
Good Science Is Only the Starting Point
One of the key themes discussed was the difference between good science and a real commercial opportunity.
In life sciences, med-tech and deep-tech, technical excellence is essential, but it is 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, robust finances and a funding strategy that supports the journey from research to commercialisation.
The panel explored what separates a promising scientific idea from a business that can attract investment, build partnerships and scale sustainably. For founders, that means thinking commercially much earlier than many expect. It also means recognising that investors are not just backing the science; they are backing the company’s ability to execute.
Building for Scale, Not Just Growth
Another important theme was the difference between growth and scale.
Growth can happen organically. Scale requires readiness. It needs 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-class research, strong academic institutions and a vibrant life sciences ecosystem, but many companies still face challenges when moving from early-stage innovation into later-stage commercial growth.
This is where predictability matters. Founders need to understand the support available to them, but they also need stability in the funding and tax landscape so they can plan with confidence.
Funding Growth: Cheapest Money First
From LimestoneGrey’s perspective, one of the most important messages was around funding sequence.
For innovation-led companies, the order in which funding is accessed matters. The principle Matthew discussed was simple: cheapest money first.
That means 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 in particular, where timelines are long and milestones can be expensive to reach, 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, it can return around a quarter of qualifying R&D spend as cash, helping to extend runway and support the next technical, regulatory or commercial milestone.
Investor Confidence Starts Before the Pitch
The discussion also touched on what makes a company investable.
A compelling story and exciting technology will always matter, but investor confidence is also built through diligence-readiness. That means clean books, clear records, well-supported technical evidence and an R&D claim that can survive scrutiny.
A well-prepared R&D claim can support cash flow and strengthen the company’s financial position. A badly prepared claim can do the opposite. If a claim is weak, poorly documented or unable to withstand HMRC review, it becomes a liability rather than a win.
For companies seeking investment, this matters. Investors want to understand not only the opportunity, but also the risks. Tax compliance, financial controls and credible R&D documentation are all part of that picture.
The UK Life Sciences Opportunity Is Important
The life sciences sector remains one of the UK’s most important growth opportunities. Government figures describe the sector as worth around £100 billion to the economy and employing around 300,000 people.
There are also signs of renewed focus on scale-up funding. The British Business Bank has committed £4 billion of new capital across eight growth-driving sectors under the Government’s modern Industrial Strategy, including life sciences, with the aim of crowding in around £12 billion of private capital.
That is significant, because 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
The panel also discussed whether the UK currently does enough to support scaling companies.
From an R&D tax perspective, the answer is nuanced. Relief for a typical SME is now roughly half of what it was three years ago. However, the most R&D-intensive companies have been protected, with enhanced support held at around 27% for qualifying loss-making businesses.
After several years of significant change, the regime has also started to settle. That matters. For founders and finance teams, predictability can be just as important as headline generosity. Companies need to know what support exists, how it applies and how to build it into their wider funding strategy responsibly.
Advice for Founders: Build the Business Around the Science
A recurring message throughout the discussion was that founders should not wait until they are fundraising, scaling or preparing for diligence before getting their foundations in order.
The best time to think about funding strategy, evidence capture, financial controls and commercial readiness is early. That does not mean overcomplicating the business before it needs it. It means building with intention, so that when the opportunity comes, the business is ready.
For science-led companies, the advice is clear: protect your runway, preserve your equity where possible, document your R&D properly and treat compliance as part of commercial readiness.
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 robust, 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.”