UKBAA CEO Jenny Tooth’s bi-weekly update – 13th June
As London Tech Week continues, we are delighted to be part of the celebration of London as a leading global tech hub. We held our 8th TechInvest event in partnership with the Mayor of London last night, when we showcased 10 great innovating Govtech companies who are transforming public services.
It was good to hear on Monday, the announcement from Theresa May during her final days as PM, that the Government is backing the tech sector with £153m of government funding and with over £1bn inward investment into tech in the UK.
We have also used the context of Tech Week to announce our finalists for the UKBAA 2019 Angel Investment Awards where we are recognising the growth and success of many innovating businesses right across the UK and the fantastic angels and early stage investors who have backed them in the past year.
The Digital Economy Council announced this week that six cities outside of the capital – Leeds, Manchester, Oxford, Cambridge, Bristol and Edinburgh – are now home to multiple Unicorn businesses having reached a valuation of $1 billion. Whilst this news is great, the majority of Unicorns in the UK are still being created in London.
With the majority of equity investment still focusing on businesses in London and the Golden triangle , we need to continue to work together across the finance value chain to create a flourishing tech eco-system on a nationwide basis and overcome these regional disparities in access to investment.
We have reflected on this at our recent Connected Investing events in Manchester, Bristol and in Newcastle next week and I set out some thoughts on this in Growth Business, What Investment and Small Business.