The bonus of tech startup businesses is that they can continue to operate throughout the coronavirus lockdown. Using IT equipment, their projects can be built in isolation but still collaboratively and tested remotely through beta versions which give tech startup businesses a competitive edge against other businesses. During the last 10 the UK’s technology sector has born some of the greatest tech startup businesses to date with the likes of Monzo, Revolut, Ocado and Darkforce generating substantial revenue for the British economy.
Last week, Techforce was launched to unite the NHS, the general public and innovators across the UK to come up with entrepreneurial digital solutions which could help to support and relieve the UK’s NHS for the future. Within just 24 hours, thousands of tech startup businesses got in touch with new innovations or resolutions to meet the challenges raised by NHS experts.
Whilst tech startup businesses are recognised as an integral part in supporting our economy through this uncertain time, the challenge that they do face is a financial one. Whilst their ideas and their technology maybe the solution we need, often these companies need financial support to grow and develop innovations further and with government funds being stretched far beyond belief and business angels who were once happy to invest now looking to protect their own financial interests due to uncertain time. Whilst running tech startup businesses in 2020 is one of the niche sectors which could sustain the Coronavirus epidemic, how they tap into financial support could become a sticking point and a challenge if they are to progress further over the coming years.
Are you a developer of tech startup businesses or looking to launch a digital company within the next 18 months? With our broad knowledge and experience in the technology sector, Crendon Insurance protect businesses of all sizes with a commercial combined policy which includes technology insurance, startup business insurance and innovation / intellectual property insurance. To find out how we could help your company further please speak to our advisors.
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