COMPETITION OPENS TO SUPPORT UK TECH STARTUPS
The Department for Digital, Culture, Media & Sport has announced a new tech startup support competition to help small and scaling tech firms.
Organisations can now apply to deliver the UK-wide programme of activity supporting digital and tech startups and scaleups across the UK.
The successful candidate will deliver a programme from April 2023 to provide access to skills training and advice across the country and improve regional support networks for startups and scaling companies in the digital and tech sector.
Startup support such as this will help create more regional hubs with wealth-generating tech businesses offering high skilled jobs, benefitting startups outside of major cities.
Recent figures show the UK has overtaken China on investment secured by tech startups, raising more than £12 billion in venture capital funding in the first five months of 2022.
The successful provider will receive just over £12 million as a Digital Growth Grant from the government to run the programme, which will help the UK’s early-stage tech firms build on their success. Organisations can apply individually or join to bid to become the provider.
Some of the biggest challenges facing small and growing tech businesses are hoped to be tackled through the programme, such as improving connections between startups and investors with better access to tailored mentoring and advice for founders.
There will also be helping to drive up diversity and representation in the tech workforce through skills training and sector networks.
Potential applicants are expected to have a strong presence in the UK and a deep knowledge of the domestic digital sector to provide support for small businesses. The Department for Digital, Culture, Media and Sport will be accepting applications until midday on 15th of August 2022.
Commenting on the news, Digital Minister Chris Philp said: “The success of our startups and scaleups has driven the UK ahead of Europe and China to be second in the world for tech investment this year.
We want every corner of the country to feel the benefits of tech success and we’re looking for an industry partner to help make this possible through the Digital Growth Grant.”