A new government grant competition is launching to boost the
growth of innovative tech start-ups and scale-ups in all corners
of the country.
The £12.09 million Digital Growth Grant will focus on opening up
access to skills training and advice, and providing support
services to the digital and tech sector over two years.
Improving regional support networks for startups and scale-ups is
a key focus for the funding, which will help spread the benefits
of our world-leading tech industry across the UK.
The grant will help to develop the next generation of success
stories after the UK tech sector became the third globally to be
valued at $1 trillion.
There are now more than 40 unicorns - companies valued at $1
billion - outside London and 100 regional futurecorns -
businesses on track to gaining unicorn status - that are paving
the way for future success across the country.
This funding will help cutting edge start ups and scale ups like
these to create booming tech hubs throughout the UK and level up
growth in these job and wealth-generating businesses.
Digital Minister said:
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.
The successful applicant will play a vital role in making the UK
the best place in the world to start and scale a tech business.
The successful recipient will:
- Deliver support services to the digital sector, particularly
in transformative/emerging technologies These services should
address key challenges faced by a wide range of companies from
the seed funding stage to series A/B, their first or second round
of financing;
- Grow regional support networks for tech start ups and scale
ups. Activities should deliver concrete improvements in three or
more areas identified in DCMS’ Regional
Ecosystems report as crucial to the success of the
digital economy: investment, skills, innovation, infrastructure
and business growth. Support should be tailored to local needs
and tech specialisms, developed in partnership with local
bodies.
- Ensure founders and firms can access digital entrepreneurship
and investment readiness training with tailored advice to help
develop their skills to start and grow a tech business. The
winner will need to clearly signpost start ups and scale ups to
the digital skills initiatives in private and the public sector
(DCMS’ local digital skills partnerships) and share information
on the types of roles available in tech companies, the skills
required to access these roles, and direction to low/no cost
skills provisions to acquire those skills.
- And promote and raise awareness of the strength and
competitiveness of the UK tech sector with the aim of boosting
investor confidence and inspiring the next generation of tech
workers and entrepreneurs.
The government will consult the market to help refine the grant
specification before applications open later in the year.
The competition will be run this summer by the Department for
Digital, Culture, Media and Sport and the successful organisation
will receive the funding from 1st April 2023. Further details on
the eligibility criteria and application process will be
published in due course.
The funding for this grant has previously been awarded to Tech
Nation Group Limited. DCMS will continue to provide direct grant
funding to Tech Nation until March 2023.
Notes to Editors
Further detail about this grant.
Interested organisations can attend one of our upcoming webinars
about this grant by registering
now.
