A group of technology businesses, led by technology trade association techUK, is calling for better support to help companies scale.
London-based techUK says it has outlined practical steps that the UK government can take to nurture more successful tech scaleups in the UK.
This action plan, which the company says is on behalf of its members and Scale-Up Council, which includes Riverlane, Sage, KPMG and Wayve, comes at what the firm says is a pivotal moment, with an immediate opportunity through Invest 2035.
This is the UK’s modern industrial strategy to better support tech scaleups and unlock economy-wide benefits, strengthen supply chains and raise living standards across the UK.
Recent research has also shown that UK scaleups are reporting huge growth rates, with an average annual revenue increase of 43% over the past three years – more than double the OECD benchmark.
The report addresses key challenges ranging from access to markets, finance and talent, which are vital building blocks for scaleups to reach the next stage of growth.
techUK is calling for the government to continue to be ambitious, placing diversity at the heart of scale-up support.
It is also saying that the Department for Science, Innovation and Technology (DSIT) should launch a dedicated support package for tech scaleups, including a concierge service.
The service would connect scaleups with relevant experts across government and industry, leveraging, and working with, successful models.
The government should also look to continue the Venture Capital Fellowship Programme, says techUK, to help fast-track the growth of UK-based venture capital investors.
The firm says the programme should place greater emphasis on growing the network of women and ethnically diverse investors.
This comes as research shows if women started and scaled their businesses at the same rate as men, it could mean unlocking a staggering £250bn for the UK economy.
“Scaleups should be thought about as ultra-growth companies – bringing unparalleled dynamism to the economy. If the Industrial Strategy is to deliver on its vision it will be a compelling plan for supporting scaleups, powered by technology at its core,” said Antony Walker, deputy CEO of techUK.
“The report we are publishing today sets out techUK’s recommendations for ensuring that the UK remains one of the most attractive locations in the world to locate and build high-growth companies.”
Maria Maragkou, VP commercial at Riverlane, added: “The UK has all the right ingredients to foster the growth of successful businesses: it can boast the world’s best technical universities, a strong startup ecosystem as well as access to seed and start-up capital.
“Riverlane is a champion of the UK quantum ecosystem and strongly believes in reaching the next milestone in our scale up journey from Cambridge.
“We welcome techUK’s thorough assessment of the issues faced by companies looking to scale up nationally and the recommendations in filling critical gaps.”