Currently, the government is looking to update its digital strategy for the first time since 2017 and create new funding for tech startups – their aim is to increase competitivity and attract new talent to the UK within the digital sector. The plan is to approach pension fund investors to provide capital for early-stage tech startups.
By doing so it is hoped that these new and emerging businesses will not be stifled by high inflation and running costs which, many UK companies are currently facing. Instead, firms will have the opportunity to innovate and expand which could provide the UK with better opportunities in the future.
With more than 40 unicorn companies outside London, valued at $1 billion and 100 regional futurecorns (businesses who are on track to gain future unicorn status), the funding will help businesses to scale up, which will level up growth and generate ambitious businesses further.
New digital growth grant for UK tech startups
According to the UK government website, over the next two years, their £12.09 million Digital Growth Grant is available to businesses who wish to access skills training and advice within the digital and tech sector. Within this they hope to improve regional support networks for digit tech startup businesses and scale ups. Their plan is to drive the next generation of digi tech business success.
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