UK tech sector to get £21m boost
The government is investing an additional £21m in Tech City UK to create a new national network of regional tech hubs across the country.
The funding will see Tech City UK and Tech North rebrand as Tech Nation, with a focus on transforming the UK from a series of standalone tech hubs into a powerful network.
Tech Nation will work alongside existing tech partners and business organisations to accelerate the expansion already underway by rolling out its tech-hub model.
The first set of clusters to form Tech Nation will be located in Birmingham, Edinburgh, Glasgow, Belfast, Cardiff and London.
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.
“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,” said minister for digital Matt Hancock.
“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.”
Gerard Grech, CEO of Tech City UK, added: “We are thrilled the government is backing our model which has played an important role in helping the country’s tech firms accelerate their growth.
“Tech Nation will help transform the UK from a series of standalone tech clusters into a powerful national network that will reinforce the UK’s position at the top of global tech rankings.
“This will ensure we continue to be at the forefront of digital innovation, developing tech talent and attracting international investment.”
The government has also announced that it would double the maximum number of Exceptional Talent visas available from 1,000 to 2,000.