Registered charity Manchester Tech Trust has announced its closure after around eight years in operation.
The trust was founded by chairman Neil McArthur, CEO Peter Lusty and Richard Young in 2015 as with a primary role as a ‘super-connector’ to link up the city’s tech start-ups with advisors and investors to support Manchester’s economic development. The Manchester Tech Trust gateway matched entrepreneurs with appropriate support, services and investment opportunities.
Over its history, the trust has curated a group of individual investors, Manchester Tech Trust Angels, and managed deal-flow and events to showcase dozens of high-quality tech start-ups, resulting in direct investment of over £1 million matched by similar funding from institutional investors.
In a lengthy statement announcign the closure, Lusty said that the decision had “not been taken lightly,” but that the trust had “done what we set out to achieve,” and the tech landscape in Greater Manchester has evolved significantly since its inception, resulting in a more vibrant, interconnected, and self-sustaining ecosystem than ever before.
Lusty’s statement read:
“In 2015 Neil McArthur and I established Manchester Tech Trust, a registered charity with a clear vision to accelerate the growth of technology enterprise for the economic benefit of the Greater Manchester region.
Having founded Opal Telecom and led its merger with Carphone Warehouse to create TalkTalk in 2003, Neil served on the Local Enterprise Partnership (LEP) and the University of Manchester’s Board of Governors and recognised the immense potential of Manchester as a hub for innovation and technology.
He also saw that while there were many people and organisations contributing to an ecosystem that would nurture and support tech startups and entrepreneurs, much of this was understandably driven by specific agendas and needed coordination. What was required was an independent organisation that could be both a focal point for startups as well as the glue to connect the many different agencies.
Part of the challenge was to unite an ecosystem that included universities, property companies, PR and media agencies, workspaces, professional services companies, Manchester and Salford cities and other GM local authorities, public sector organisations, investors, major tech employers, scale-ups, start-ups, accelerators, incubators, tech sector cheerleaders and many more.
Embracing this over the last eight years, Manchester Tech Trust has worked on its mission, leaving what we hope will be a lasting impact on the city’s tech scene. Its journey has been marked by several key achievements.
One of the Trust’s primary goals was to foster innovation by connecting startups with experienced mentors, advisers, and investors. Through its mentorship programs, it has helped hundreds of entrepreneurs refine their ideas, develop sustainable business models, and navigate the challenges of scaling their ventures. The Trust has not only provided support but, more importantly, it has offered valuable guidance and expertise, creating a nurturing environment for budding tech companies.
Creating a Thriving Ecosystem Manchester Tech Trust recognised the importance of collaboration in the tech world. It played a pivotal role in bringing together various stakeholders, from entrepreneurs to investors, from educational institutions to government bodies. Through networking events, conferences and workshops such as Silicon Valley Comes to the UK (SVC2UK), it facilitated connections that have led to numerous partnerships, investments, and collaborations, strengthening the overall tech ecosystem in Manchester.
As part of its commitment to fuelling growth, the Trust has signposted promising startups to sources of funding at crucial stages of development, helping them transform their ideas into viable businesses. The Trust itself curated a group of individual investors, Manchester Tech Trust Angels, and managed deal-flow and events to showcase dozens of high-quality tech start-ups, resulting in direct investment of over £1 million matched by similar funding from institutional investors.”
Lusty went on the thank all those who had supported the trust over the past eight years. He said: “There are too many people to thank them all individually for their support, encouragement and help over the years, but you know who you are.
We recognise Neil McArthur for his initiative and vision in establishing Manchester Tech Trust and his work as a Trustee, but also as the major funder of the Trust through his charity, Hamilton Davies Trust. Other individuals also generously contributed to the Trust, and we thank them again for those donations.
Neil and I would like to offer our appreciation and thanks to Richard Young for his work as a Trustee and for his always honest and stalwart advice and, just as importantly, for his friendship and kindness. Richard sometimes describes himself as the oldest surviving venture capitalist in Manchester and his knowledge and experience have been invaluable to us, and the work of the Trust.
Finally, we would like to thank all the founders and entrepreneurs who shared not only their business plans with us but also their hopes and dreams. Many are already doing well, and we wish all of them every success in the future.”
