31/01/2023
After a decade as a government-backed organisation serving the UK scaleup tech ecosystem, we are today announcing that Tech Nation will be closing its doors from 31st March 2023.
Tech Nation’s core grant funding from DCMS is being awarded to Barclays Bank. With this foundation removed, Tech Nation’s remaining activities are not viable on a standalone basis.
We are proud to have helped shape the trajectory and success of UK tech; the no.1 digital economy in Europe and no.3 globally, valued at $1trn (16x in 10 years), employing 5m people (from 2m in the decade) across the country, with over 20 places in the UK home to one tech unicorn or more (5x in 10 years).
While 80% of startups fail within their first 2-5 years, over 95% of startups on Tech Nation’s accelerator programs have gone on to scale. More than a third of all tech unicorns and decacorns created in the UK have graduated from a Tech Nation program, collectively raising over £28bn so far in VC and capital markets.
We end this impactful chapter with pride in everything it has accomplished, in awe of the incredible individuals and businesses we have been privileged to champion, and in gratitude to everyone who has been part of our journey.
Read our full statement here: https://hubs.ly/Q01zKCyf0