UK ‘ready to compete with Silicon Valley’ | David Sapsted

The UK’s tech industry has grown tenfold over the past decade and is “poised to challenge Silicon Valley” over the next ten years, according to a new analysis.

Publication of the report, written by Dealroom.co and the Digital Economy Council, coincided with Scaling week, a government-backed project to bring together business leaders from across the UK to discuss future challenges and opportunities.Analysis of the tech industry found that in ten years, the number of unicorns – private companies valued at $ 1 billion or more – had grown from eight in 2010 to 81 last year.Meanwhile, the number of ‘futurecorns’ – companies capable of becoming a unicorn – has grown from 10 to 126 by 2020, accompanied by an increase in venture capital investment in the UK of 1, £ 2 billion in 2010 to £ 11.3 billion last year.“These numbers demonstrate how much the UK is catching up with the US and China in tech, with London now fourth behind the Bay Area, Beijing and New York, in terms of the number of startups and unicorns created. the country was able to develop at such a speed, ”says the report.Over the decade, the industries that have created the most unicorns in the UK have been FinTech (32), enterprise software (14) and healthcare technology (13). In 2020 alone, UK fintech companies raised £ 3.2bn in venture capital.Secretary of State for Digital, Culture, Media and Sport Oliver Dowden said: “British technology has seen record levels of growth over the past decade, turning a nation of startups into one of large-scale evolutions.“Investors are interested in supporting UK startups due to a combination of cutting edge research, engineering and skilled technology talent and operators who understand how to build a strong and sustainable business.“This government will do everything possible to support the entrepreneurs who created this dynamic new part of our economy and who now employs nearly three million people across the country in our two world-renowned technology centers like London and Cambridge, until to our cities. , suburbs and rural areas. “In addition, Business Secretary Kwasi Kwarteng marked Scaling Week with a ‘rallying cry’ for UK businesses to grow through the government’s Growth Aid Program: management.He also announced the composition of the Program’s Expert Advisory Board, including Confederation of British Industry (CBI) President Lord Bilimoria, Natwest CEO Alison Rose and Charlotte Keenan, CEO of Goldman Sachs.A government spokesperson said the scheme would launch at the end of June and consist of a new 12-week executive training program delivered by leading business schools across the UK. It would combine a hands-on program with 1: 1 mentorship from a business expert; peer learning sessions to give companies the opportunity to learn from each other; and a network of alumni.Mr Kwarteng said: “After such a difficult year for UK businesses, Scaling week Now is the time to shed some light on how fast growing businesses are embracing new technologies and ways of working to change the way they do business.“Helping small businesses learn from the best will be key to rebuilding better after the pandemic. Our new team of experts in A will ensure 30,000 small and medium-sized businesses across the UK have the best advice on how to innovate, to reach new customers and increase their profits so that they can expand their business and create more jobs.

Read more news and views from David Sapsted.

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