Nesta (formerly NESTA, National Endowment for Science, Technology and the Arts) is an innovation foundation based in the UK. The organisation acts through a combination of programmes, investment, policy and research, and the formation of partnerships to promote innovation across a broad range of sectors. Nesta was originally funded by a £250 million endowment from the UK National Lottery. The endowment is managed through a trust, and Nesta uses the interest from the trust to meet its charitable objects and to fund and support its projects. The charity is registered in England and Wales with charity no. 1144091 and in Scotland with no. SC042833. Nesta states its purpose is to bring bold ideas to life to change the world for good.

History

The old NESTA was set up in 1998 by an independent

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in the United Kingdom established by an Act of

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, the

National Lottery Act 1998 National may refer to: Common uses * Nation or country ** Nationality – a ''national'' is a person who is subject to a nation, regardless of whether the person has full rights as a citizen Places in the United States * National, Maryland, ...

. It had been a Labour Party

manifesto A manifesto is a published declaration of the intentions, motives, or views of the issuer, be it an individual, group, political party or government. A manifesto usually accepts a previously published opinion or public consensus or promotes a ...

promise. In 2002 it was awarded £95 million. On 14 October 2010 the Government announced that it would transfer NESTA's previous status from an executive

non-departmental public body In the United Kingdom, non-departmental public body (NDPB) is a classification applied by the Cabinet Office, Treasury, the Scottish Government and the Northern Ireland Executive to public sector organisations that have a role in the process o ...

to a new charitable body. On 1 April 2012 the old NESTA transitioned from being an executive to a charitable body, shortening its name to "Nesta".

Operations

In 2021, Nesta announced a new ten-year strategy, that would be focused on three major areas: childhood inequality, public health and a sustainable economy.

Management

Sir

John Gieve Sir Edward John Watson Gieve, (born 20 February 1950) is a former British civil servant, who served as Deputy Governor for Financial Stability of the Bank of England and an ''ex officio'' member of the Monetary Policy Committee from 2006 to ...

chairs the organisation. Ravi Gurumurthy is the organisation's Chief Executive.

Notable persons

* Jonathan Kestenbaum, Baron Kestenbaum (born 1959), chief operating officer of investment trust

RIT Capital Partners RIT Capital Partners plc, formerly Rothschild Investment Trust, is a large British investment trust dedicated to investments in quoted securities and quoted special situations. Established in 1961, the company is listed on the London Stock Exchan ...

, and a Labour member of the

House of Lords The House of Lords, also known as the House of Peers, is the upper house of the Parliament of the United Kingdom. Membership is by appointment, heredity or official function. Like the House of Commons, it meets in the Palace of Westminst ...

References

External links