Organizations can submit individual applications or group applications to compete for the opportunity to provide the new UK digital and IT industry assistance program.
The program's successful provider will receive a £12 million Digital Growth Grant to implement it and address issues facing startup and growing tech companies.
The program will address issues that small and developing tech enterprises face, such as strengthening relationships with investors and broadening diversity through skill development.
To support the UK's digital and tech start-ups and scale-ups, organizations can now apply to deliver a nationwide program of activity.
The program will be implemented by the chosen provider starting in April 2023 and will increase regional support networks for start-ups and scaling businesses in the digital and ICT industries. This will benefit startups outside of big cities by fostering the development of more regional centers with wealth-generating digital companies that offer highly skilled employment.
In terms of investments made by internet startups, recent data reveals that the UK has surpassed China, raising more than £12 billion in venture capital funding in the first five months of 2022.
The government will award the chosen provider a £12.09 million Digital Growth Grant to manage the program, which will assist UK early-stage tech companies in building on their achievements. Organizations can apply separately or together to submit a bid to become the provider.
With increased access to specialized mentoring and assistance for founders, the initiative will address some of the largest issues affecting small and expanding tech enterprises, such as strengthening links between entrepreneurs and investors. Through skill development and industry networks, diversity and representation in the tech field will also be increased.
To promote small firms, applicants should be well-established in the UK and possess an extensive understanding of the domestic digital industry.
Chris Philp, a minister for digital, said:
The UK is now ranked second in the world for tech investors this year, surpassing China and Europe because of the success of our startups and scaleups. We want every region of the nation to benefit from the success of the technology, and we're searching for an industry partner to work with on the Digital Growth Grant to make this happen.
A national initiative will be funded by the Digital Growth Grant to:
Deliver support services to the digital industry with an emphasis on cutting-edge technologies including quantum, advanced computing, and artificial intelligence. From the seed fundraising stage to their first or second round of financing, these services ought to meet the major issues that a broad range of businesses encounter.
enlarge local networks of assistance. Activities should boost local investment, creativity, and company growth. They should also be adapted to the needs and technological specialties of various regions, and they should be created in collaboration with local organizations and established tech groups.
Make sure entrepreneurs and businesses can obtain training in digital entrepreneurship and receive specialized guidance to launch and expand a tech business.
Indicate efforts that are already underway in the commercial and governmental sectors across the UK that can assist startups and scaleups in gaining access to capital, talent, and markets.
Applications will be accepted by the Department of Digital, Culture, Media, and Sport through noon on August 15, 2022.