As one of the driving forces accelerating tech ecosystems across the UK, growth platform Tech Nation has helped to supercharge and support the meteoric success of hundreds of tech start-ups and scaleups from Monzo, Just Eat and Peak AI. But now, the future for Tech Nation is uncertain.
After much speculation, the government has confirmed it is awarding a key £12.09m Digital Growth Grant to Barclays tech incubator Eagle Labs instead in a blow to government-backed Tech Nation.
The Department for Digital, Culture, Media and Sport (DCMS) had invited bids in 2022 for the grant, which was launched to accelerate the growth of tech start-up and scaleup ecosystems across the UK.
In a government statement, the funding package was awarded following “an open competition and rigorous assessment process” adding that the bid from Barclays Eagle Labs offered the “best value for taxpayers’ money”.
Many Northern tech leaders were left reeling over the decision, taking to social media to voice their support for Tech Nation as its future hangs in the balance.
A significant portion of Tech Nation’s funding comes from the government but Tech Nation said it has been “working around the clock” to secure its future and plans to “continue delivering for UK scaleups”.
“There’s such a gap in equity for Northern funders still. Organisations like Tech Nation are effectively the connective tissue between what is ultimately still a nascent ecosystem on a global scale,” Ben Davies, group marketing director at financial services firm Praetura, told Prolific North.
On route to one of Tech Nation’s Rising Stars events, he noted how pivotal these events are for Praetura when seeking out the next innovative start-up to invest in.
