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Tech Nation responds to the DCMS Digital Growth Grant announcement

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by Startacus Admin

tech nation statement.

Tech Nation shares an overview of the impact they have had on the UK's tech economy and ecosystem.

dataWhen Tech Nation was founded by the government over nine years ago, the UK’s tech economy was fledgling. Their growth programmes, visa scheme, digital academy, networking conferences, international expansion programs, sandboxes, panels and in-depth sector research, analysis and reports have helped shape the trajectory and success of UK tech, now valued at $1trn (16x in 10 years) and employing 4.8m people (2x in 10 years)with salaries 80% higher than professional jobs. Additionally, UK tech secured over $30Bn in private capital in 2022, double our nearest European counterpart. 

peopleWithin the UK Tech ecosystem, their focus has been on supporting the scaleups which create over 90% of U.K. tech jobs, and they're proud of the fact that those they’ve accelerated have disproportionately thrived. While 80% of start-ups fail within their first 2-5 years, over 95% of start-ups on Tech Nation’s growth programmes have gone on to scale. Some 40% of all tech unicorns and decacorns created in the UK have graduated from a Tech Nation growth programme, collectively raising over £28.1bn so far in venture capital and capital markets. 13,000 jobs have been created nationwide as a direct result of their intervention. Their alumni includes the biggest names in UK tech; Monzo, Revolut, Bloom and Wild, Zilch, Just Eat, DarkTrace, Marshmallow, Sky Scanner, Peak AI and Deliveroo, to name just a few of the 5,000+ businesses they've supported. 

As a government backed organisation, they’re also proud that Tech Nation has delivered one of the best ROIs for the taxpayer, delivering £15 return on every £1 invested by the UK Government.

In anticipation of the Government’s decision to award the Digital Growth Grant to another party, they have been working around the clock to secure their future and continue delivering for UK scaleups. It is essential that any route forward for Tech Nation ensures they are able to continue to act in the best interest of the tech community and put the needs of scaleups front and centre. This is the principle that has always guided them, and will guide their decision making over the next steps they take from here.

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Published on: 20th January 2023

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