In order to support the UK’s digital and tech start-ups and scale-ups, organizations can now apply to deliver a nationwide program of activity.
The program will be implemented by the chosen provider starting in April 2023 and will increase regional support networks for start-ups and scaling businesses in the digital and ICT industries.
This will benefit startups outside of big cities by fostering the development of more regional centers with wealth-generating digital companies that offer highly skilled employment.
In terms of investments made by internet startups, recent data reveals that the UK has surpassed China, raising more than £12 billion in venture capital funding in the first five months of 2022.
The government will award the chosen provider and a £12.09 million Digital Growth Grant to manage the program, which will assist UK early-stage tech companies in building on their achievements.
Organizations are able to apply separately or together in order to submit a bid to become the provider.
With increased access to specialized mentoring and assistance for founders, the initiative will address some of the largest issues affecting small and expanding tech enterprises, such as strengthening links between entrepreneurs and investors.
Through skill development and industry networks, diversity and representation in the tech field will also be increased.
To promote small firms, applicants should be well-established in the UK and possess extensive understanding of the domestic digital industry.
Digital Minister Chris Philp said:
“The success of our startups and scaleups has driven the UK ahead of Europe and China to be second in the world for tech investment this year. We want every corner of the country to feel the benefits of tech success and we’re looking for an industry partner to help make this possible through the Digital Growth Grant.”
The Digital Growth Grant will fund a nationwide programme to:
- Deliver support services to the digital sector, with a focus on emerging technologies like artificial intelligence, advanced computing and quantum. These services should address key challenges faced by a wide range of companies from the seed funding stage to their first or second round of financing.
- Grow regional support networks. Activities should improve local investment, innovation and business growth; be tailored to the needs and tech specialisms of different areas; and be developed in partnership with local bodies and existing tech groups.
- Ensure founders and firms can access digital entrepreneurship training with tailored advice to help start and grow a tech business.
- Clearly signpost startups and scaleups to existing initiatives in the private and the public sector across the UK that can help them access finance, talent and markets.
Applications will be accepted by the Department of Digital, Culture, Media, and Sport through noon on August 15, 2022.