A new report has highlighted the pivotal need for improved access to finance to ensure the North East’s tech businesses continue to prosper.

The ‘Now and Next – The Finance Needs of the North East Tech Sector’ report by Dynamo North East C.I.C. outlines three key recommendations to improve access to finance and drive growth.

The region is home to a growing number of ambitious tech firms, yet the report points out that many businesses continue to face barriers when seeking the right type of funding required to help scale their businesses.

One of the report’s recommendations is the creation of bespoke funding mechanisms – such as debt bridges and equity co-investment schemes – that are anchored locally and responsive to the needs of scaling tech companies.

Another is the development of a ‘one-stop’ regional finance portal to improve signposting and awareness of available funding sources.

The report also emphasises the importance of investor-founder connectivity, proposing the establishment of a dedicated North East tech investor network to bring together angels, venture capital firms and institutional investors.