A new government grant competition has been unveiled to help tech startups and scaleups across the UK.
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.
Digital Minister Chris Philp explains: “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 government is keen to tap into the positive vibes around the tech industry. It mentions last month’s news when the nation’s energetic tech industry achieved a valuation of $1 trillion (£769.8 billion).
The country followed in the wake of the US and China, and became the third in the world to ever reach this landmark valuation, according to data by Dealroom analysed for the UK’s Digital Economy Council.
There are now more than 40 unicorns – companies valued at $1 billion (£767 million) – outside London and 100 regional futurecorns – businesses on track to gaining unicorn status.
In terms of the grant, the successful recipient will need to do a number of things.
For example, they will need to deliver support services to the digital sector, particularly in transformative/emerging technologies; and grow regional support networks for tech startups.
In addition, the government wants to 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 government says it 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 (DCMS) and the successful organisation will receive the funding from 1 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. DCMS will continue to provide direct grant funding to Tech Nation until March 2023.
Further details about the grant can be found here.