The government has launched a new initiative, ‘digital Growth Grant’, to boost the development of innovative technology start-ups and scale-ups across the UK.
The United Kingdom has produced more unicorns than any other country in Europe. By the end of 2021, the value of the UK’s technology sector had surpassed $1 trillion. The UK is only the third nation to have a tech industry worth this much money. The UK’s government is dedicated to making the nation the most incredible place to start and develop a technology business while also protecting the country’s position as a global science and technology superpower.
The £12.09 million Digital Growth Grant will provide skills training and counselling, and support services to the digital and technology sector over two years. According to the government, improving regional start-up support networks is a major priority, which aims to spread the benefits of the country’s world-leading tech industry throughout the UK.
What Is A Digital Growth Grant?
The Digital, Culture, Media and Sports Department (DCMS) will run the contest this summer, with a successful bidder receiving funding from April 1st 2023. Bidders will be invited to address identified market failures and accelerate the growth of tech start-ups and scale-up ecosystems across the United Kingdom’s regions and nations. The winner will be given £12.09 million to spend over two years, 2023/24 and 2024/25, for a project that lasts up to five years.
The grant’s objective is to develop the capacity of social entrepreneurs who are working to end poverty globally and in their communities through economic empowerment. The competition will open for applications in Summer 2022, after which additional information on the grant’s goals, eligibility, and application procedure will be published.
The government is currently working on a more detailed grant specification collaborating with the market. DCMS is requesting organisations to attend upcoming webinars as an opportunity to ask questions and to express their thoughts and ideas regarding the scope of future government-funded support for technology start-ups and scale-ups.
The Objectives Of The Digital Growth Grant:
Delivering Support Services To The Digital Sector
One of the main aims of the digital growth grant is to assist the digital sector, particularly in innovative/emerging technologies. These services should be able to address major issues that many businesses, from the seed stage through series A/B, during their first or second round of funding may face.
Developing The Growth Of Regional Support Networks For Tech Startups And Scale-Ups
Activities should provide significant improvements in at least three of the five domains covered in the DCMS Regional Ecosystems Report: Digital Tech Businesses, Employment and GVA; Place and Infrastructure; Ideas and Innovation; Investment and Business Environment; and People, Skills and Inclusion. Interventions should be customised to local requirements and tech specialities, and they should be created in collaboration with regional organisations.
Digital Entrepreneurship And Investment Readiness Training
Another aim is to assure that entrepreneurs and organisations may access digital entrepreneurship and investment readiness training and expert support to help them develop their talents in the areas of starting and growing a technology company. Share information on the sorts of roles accessible in technology firms, the skills required to get those roles, and direction to low/no-cost skills provision to acquire such abilities.
Inspiring Tech Startups
To boost investor confidence and inspire the next generation of tech workers and entrepreneurs, we’ll promote and raise awareness of the UK’s technology sector’s strength and competitiveness.
Timelines
Timelines are indicative only and subject to change.
- June 2022: Applications open.
- August 2022: Applications close.
- September 2022: Successful bidder notified.
- April 2023: Successful bidder to begin activities.
- April 2025: Funding end date.
How to Participate?
If you’d like to learn more about this grant and how to participate as a possible bidder, register for one of their upcoming webinars.
Don’t hesitate to get in touch with [email protected]
Conclusion
The Digital Growth Grant is an excellent opportunity for Tech Startups and scale-ups in the UK to get expert support and funding to grow their businesses. This grant will help organisations in the digital sector develop innovative/emerging technologies, create jobs, and inspire the next generation of entrepreneurs.
Author Bio
Jibran Qureshi FCCA is the Managing Director of Clear House Accountants and has over 13 years of experience in practice across multiple industries. Jibran’s educational background includes a Master’s in Financial Strategy from Oxford University and an Executive MBA from Hult International Business School. His experience in Financial Strategy, Tax Planning, Operational Consultancy and Performance Reporting guide his cognizant approach to leading Clear House and its clients to the future. This dexterity led him to be Enterprise Nation’s Top 50 Advisors. Jibran recognised the need to manage the innovative disruptions sustainably early on and shaped Clear House Accountants not just to be compliance specialists but advisors who help build complex ecosystems around cloud accounting software, provide advice on funding support, help manage innovative tax schemes, set up and implement complex strategic plans, and much more. So, his clients can thrive, not just survive.
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