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Wednesday 13 June 2018

Government announces £2.3bn boost for UK tech

picThere's even more excellent news for the UK tech sector (and see Brexit? Schmexit! UK leads European tech VC funding) with Prime Minister Theresa May's announcement last night of £2.3bn of private investment in UK tech. The announcement was made as part of London Tech Week, an event heavily supported by industry association techUK (see A week of celebrating tech in our vibrant capital city) on the Board of which august organisation I am proud to sit.

May's announcement featured:

  • Salesforce, who are investing £1.9bn in the UK over the next five years, which will include the opening of their second UK data centre in 2019
  • Mubadala, who are launching £300m European investment fund based in the UK
  • NTT data who are investing £41m to open a new office and Innovation Centre, creating up to 200 jobs over the next three years
  • A new £2.5 billion British Patient Capital programme, which is expected to attract a further £5bn in private investment, to support UK companies with high growth potential to access the long-term investment they need to grow and go global.
  • A new Start-Up Visa for entrepreneurs will launch in Spring 2019. This will replace a visa route which was exclusively for graduates, opening it up to talented business founders. This will include accelerators playing a role in the endorsement of candidates
  • Opening up key parts of the Ordnance Survey’s valuable geospatial data to small businesses for free to boost competition in the digital economy.
  • Two new Tech Hubs will be launched in Brazil and South Africa, to build innovative partnerships and develop skills, capability and business networks in these markets.

There's much to digest here and we will comment more as we get down to the nitty-gritty.

I am particularly heartened about the British Patient Capital programme, which I hope will be effective in helping UK tech scale-ups get access to the funding they need to become global champions. Our own Little British Battler, Great British Scaleup and Early Stage Partner Programmes have amply demonstrated that there is no shortage of innovative tech startups and SMEs here in the UK. They need all the help they can get.

Posted by Anthony Miller at '09:15'

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