Tech City UK becomes Tech Nation under new Government measures to support UK tech sector

16-11-17
Government tech city uk tech North Tech Nation tech UK tech sector low cost Innovation Loans scheme An investment of 21 million to expand Tech City new 20 million fund to help public services additional 40000 entrepreneurs and 4000 startups accelerate the growth of the digital tech sector


Tech City UK becomes Tech Nation

In a press release on 14th November 2017 the Prime Minister heralded the transformation of Tech City UK and Tech North into Tech Nation as part of “a series of measures to support continued growth and success of the UKs world-class tech sector.”

This comes hot on the heels of the recent launch of a new, low cost Innovation Loans scheme managed by Innovate UK to provide up to £1m for UK Research & Development projects.

The transformation is supported by “An investment of £21 million to expand Tech City UK into a nationwide network – Tech Nation – to accelerate the growth of the digital tech sector across the country”.

Read other articles in Funding News - December 2017
Research and Development Funding was Increased in the November UK Budget 2017
IPPR call investment in R&D 'deadweight' but have they got their facts right?


Other measures announced included:

“Doubling to 2,000 the number of visas available to the brightest and best talent from around the world, including in digital technology”

“A new £20 million fund to help public services take advantage of UK expertise in innovative technologies like Artificial Intelligence”

“The launch of a £20 million training programme which will challenge thousands of young people aged between 14 and 18 to test their skills against simulated online cyber threats”

It does seem there is no denying that the UK tech sector is looking buoyant with ‘The Deal Q3 2017’ published by Beauhurst, indicating that investment in UK growth and higher end (larger) tech based companies flowed in during the last quarter (up to 30th September 2017). The likes of Deliveroo, Fartech and Improbable have enjoyed hundreds of millions of pounds in new investment. But how much this buoyancy is a result of Government initiatives and support is hard to assess.

The Government expects Tech City UK to support an additional 40,000 entrepreneurs and 4,000 startups. 

Keep your eye out for other announcements to support UK tech sector in the Chancellor's Autumn Budget Statement later this month.

References/links:
Tech City UK
Press Release: PM reaffirms commitment to UK's world-class tech sector
The Deal Q3 2017 by Beauhurst
New Innovation Loans to £1m for UK Research & Development projects

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