Founders Discussion board Group (FFG) has formally acquired Tech Nation in a bid to proceed the startup help community’s mission to empower the UK’s tech sector.
This injects a dose of confidence again into the startups business, which was left in shock when Tech Nation introduced its closure in March after its authorities funding was pulled.
FFG is a worldwide group of companies that seeks to help entrepreneurs at each stage of development and foster an progressive atmosphere akin to Silicon Valley. It’s recognized for internet hosting occasions and boards like London Tech Week.
Tech Nation programmes and studies will likely be relaunched as a part of FFG’s current portfolio of occasions and providers tailor-made to entrepreneurs.
Tech Nation’s outgoing founding CEO Gerard Grech and Board Director Sarah Wooden will assist steer the transition as a part of FFG’s Tech Nation Advisory Board.
How did we get right here?
TechNation ceased operations on March 31 after the federal government pulled its funding final September.
Launched in 2011, Tech Nation was financed by the federal government’s Digital Development Grant. This was a £12.09 million pot of cash used to help the UK’s current digital tech corporations, allow startups to scale-up, and develop regional help networks.
In a shock announcement, the Division for Digital, Tradition, Media and Sports activities (DCMS) reallocated the grant to Eagle Labs, a tech incubator run by Barclays Financial institution.
Within the final decade, Tech Nation has helped form the trajectory and success of UK tech to be the primary digital financial system in Europe and third globally, valued at $1 trillion. The UK can also be residence to over 20 locations that host a minimum of one tech unicorn.
Whereas 80% of startups fail throughout the first two to 5 years, over 95% of startups on Tech Nation’s accelerator packages have gone on to scale
Alumni firms embody Deliveroo, Monzo, and Revolut.
Protecting the UK’s tech sector international
Maybe most significantly, FFG will proceed to course of the World Expertise Visa for the House Workplace.
Though it is a short-term measure whereas a brand new endorsing physique is discovered, it exhibits international tech expertise remains to be welcome within the UK.
The World Expertise Visa has been a key ingredient in diversifying illustration within the UK tech sector.
Professionals from over 100 nationalities have been given the visa and have constructed their careers within the UK. Consequently, 15% of tech scaleups have a minimum of 1 immigrant founder.
There are at the moment over 2,500 World Expertise Visa holders working in over 900 UK tech companies.
With a tough financial panorama and vital reductions in entry to R&D tax credit, the acquisition may assist the sector’s means to entry help.
Gerard Grech, Founding CEO and Tech Nation Advisory Board member, concludes, “I’m assured FF Group will proceed the very important work of Tech Nation, leveraging its influential community to evolve Tech Nation’s current programmes, foster entrepreneurship nationwide and supercharge scaleups and high-growth companies throughout the UK.”
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