Theresa May reaffirms commitment to funding the UK's tech sector

Following the government’s announcement of new tech sector funding, Tech City and Tech North are to be reborn with a new name: Tech Nation.

Theresa May and the Chancellor of the Exchequer, Philip Hammond, have pledged to commit an additional £21m in funding over the next four years, to support this new expansion.

Tech Nation should benefit from various more talent visas, which will be available to all endorsing bodies - including skilled tech workers who wish to come to the UK.

Saul Klein, founding partner of LocalGlobe, said: “There is no better time for Tech City UK to evolve into a truly national organisation that works to accelerate the growth of the digital tech sector.

“The UK’s digital tech ecosystem is reaching a point of maturity where great businesses, nurtured by a generation of experienced company founders and investors, can begin to emerge.”

Tech City UK was set up in 2011 in East London, drawing in investment and talented entrepreneurs from around the globe.

Since its launch, Tech City UK and Tech North have helped the digital tech startup and scaleup sector become the UK’s fastest growing industry.

More than 1.7m people now work in the digital tech sector and jobs are being created at twice the rate of other sectors in the economy. According to Tech Nation 2017, the tech sector has a turnover of £170bn - an increase of 22 per cent in five years.

With the government’s backing, we will take this proven formula and build a national network across eleven regions, including London.

Becoming Tech Nation, the business is to transform the UK from a series of standalone tech hubs into a network that could place the nation firmly at the top of global tech.

Tech City UK has unrivalled expertise in catalysing growth in tech companies at different stages of development. In addition, London was recently announced as the digital capital of Europe.

Tech Nation is aiming to create a national network of digital excellence and innovation, connecting startups and entrepreneurs into a broader narrative for the future growth of the UK economy.

In addition, it is aiming to boost digital entrepreneurship skills across the UK, with the online Digital Business Academy.

The new funding provides the resources to add tech clusters to the network already established by Tech City UK and Tech North - London and three clusters in the North of England.

Wendy Tan White, partner at BGF Ventures and board member of Tech City UK, added: “Tech City UK and Tech North are close to the communities that they work with and understand the issues that need to be addressed to maintain the momentum of the UK’s digital tech sector.

“I’m extremely excited that the birth of Tech Nation means that they will now get a chance to work with aspiring entrepreneurs and digital tech businesses in all corners of the country.”