The UK’s world-leading tech sector will go from strength-to-strength after plans unveiled yesterday, (Tuesday 14 Nov 2017), set out a £21m investment to create a new national network of regional tech hubs in areas across the country, including Belfast, Cardiff, Edinburgh and Birmingham.Image may be NSFW.
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On Tuesday the Government announced that Tech City UK and Tech North are to become a national organisation, Tech Nation, to speed up the growth of the UK’s pioneering and innovative digital companies and clusters, helping spread the benefits even further.
Successful companies which have benefitted from Tech City UK’s work include Just Eat, Zoopla and Funding Circle.
Building on the organisation’s work helping to turn London’s Silicon Roundabout into a globally recognised tech hub, the funding will see the new Tech Nation work alongside existing tech partners and business organisations to accelerate the expansion already underway by rolling out its tech-hub model.
As part of the plans, Tech City UK will give more than 40,000 people the opportunity to develop the skills needed to start or grow a digital business and will offer support for up to 4,000 UK tech businesses through targeted growth programmes.
Eleven regional hubs will form the backbone of a national network of digital excellence to reflect the country’s standing as a global powerhouse for tech industries and help the Government achieve aims outlined in the Industrial and Digital Strategies.
The funding will also help entrepreneurs in emerging tech sectors, such as Artificial Intelligence (AI) and Fintech, by connecting them to peers and potential investors in other hubs across the country and by offering tailored development programmes.
Britain is already a global tech powerhouse and the Government is determined to see that continue. More than 1.4 million people work in the UK’s digital tech sector and jobs are being created at twice the rate of other sectors in the economy. Average advertised salaries are £50,000, 30 per cent higher than the national average.
The sector has a turnover of more than £118 billion and figures on foreign investment published in July found in the first half of 2017 there was a record £5.6 billion investment in tech in the UK.
In the face of international competition for this high-value employment industry, Tech Nation will help the UK accelerate the growth of the tech sector.
Successful Tech North programmes such as Founders Network and Northern Stars will be extended nationally, and existing national programmes such as Future Fifty and Upscale will be strengthened.
The first set of clusters to form Tech Nation will be located in:
- Midlands – Birmingham
- Scotland – Edinburgh and Glasgow
- Northern Ireland – Belfast
- Wales – Cardiff
- Greater London – London
Minister for Digital, Matt Hancock, said:
“This new funding is an important part of our plans to make the UK the best place in the world to start and grow a digital business, with the benefits spread right across the country.
This regional network will accelerate the growth of the digital tech sector, cement the pipeline of talent and spark the next generation of innovative firms to seize the future opportunities of digitisation – bringing jobs, skills and higher productivity to our regions.”
