4% of the world’s startup unicorns are based in the UK
by Startacus Admin
4% of the world’s startup unicorns are based in the UK - step forward a new National Investment Fund proposed by the current UK Chancellor, Phillip Hammond, which aims to help cutting-edge UK startups become world-leading unicorns (innovative firms valued over $1 billion USD).
Currently at 'consultation' stage, The consultation,‘Financing growth in innovative firms’, looks at ways to ensure startups have access to the finance they need and has identified a £4 billion funding gap between US and UK firms. The National Investment fund will aim to help address this gap and boost British business.
UK businesses currently also rely on funding from the European Investment Fund. A new UK based fund would help ensure that firms still have access to the funding they need, should our relationship with the European Investment Fund end when the UK leaves the EU, post a BREXIT conclusion.
According to the Gov.uk news article, while the UK leads Europe in the creation of Unicorns, it significantly lags behind the US which accounts for 54% of these £1 billion plus companies; and China which accounts for 23%. Just 4% of the world's startup unicorns are based in the UK.
It goes on to highight that top US firms are also younger than UK firms, again suggesting the US is more effectively growing new businesses into large scale firms. 10 of the UK’s largest 100 listed firms were created after 1975 compared to 19 in the US but only 2 in Europe.
The consultation also looks at how these firms might benefit from investment originating from pension funds; and how to commercialise research from UK universities and drive investment in firms across the UK.
The consultation is part of the ‘Patient Capital Review’ announced by the Prime Minister in November 2016, to strengthen the UK as a place where innovative firms can obtain the long-term ‘patient’ finance they need to scaleup.
We look forward to seeing what else comes out of this consultation and will report back with any major updates.
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Published on: 2nd August 2017
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