£12 million funding launched to boost UK tech growth

A new grant competition has been introduced by the Government to aid the growth of innovative tech start-ups and scale-ups in the UK.

The Digital Growth Grant, worth £12.09 million, aims to offer accessible skills training and guidance over two years, as well as support facilities to the digital and tech sector.

The funding will help to advance the UK tech sector, following the news that it has become the third to be valued at £767 million worldwide.

Unicorns and tech hubs

A unicorn is a company valued at £766 million, and there are now more than forty operating outside of London, as well as one hundred futurecorns, which are businesses on the way to becoming unicorns.

These businesses are setting the stage for success across the country, whilst generating jobs and wealth.

The funding will not only boost growth, but will help start-ups and scale-ups like these to create tech hubs across the UK.

Chris Philp, Digital Minister, commented on the grant:

“Start ups and scale ups are hugely important to our thriving tech sector. This funding is dedicated to growing these innovative businesses wherever they are in the country, providing the support and skills they need to succeed and create good jobs and generate wealth.”

How to be a successful applicant

It has been announced that the successful recipient of the grant will:

• Distribute support services to the digital sector, chiefly in transformative/emerging technologies
• Produce regional support networks for tech start-ups and scale-ups
• Ensure digital entrepreneurship and investment readiness training is available to founders and firms, with personalised advice to help grow their skills to start and run a tech business
• Endorse and raise awareness of the strength and competitiveness of the UK tech sector with the purpose of increasing investor confidence and inspiring the next generation of tech workers and entrepreneurs.

The competition, held by the Department for Digital, Culture, Media and Sport, will open this summer.

The successful business will then be given the funding from 1 April 2023.

Further information on eligibility and how to apply is set to be revealed in due course.

For advice and support please contact Michael Cantwell, Head of Corporate Finance, at RMT Accountants & Business Advisors on 0191 256 9500 or via the contact us form.