The government is launching a new campaign to help boost scale-up tech businesses known as “unicorn companies” in the UK.
The ‘Science and Tech is our Superpower’ campaign from the government aims to drive investment towards UK science and technology firms.
“Unicorn companies”, of which Britain has produced around 152, include firms like Monzo and Darktrace, all of which have contributed to growth.
The marketing push will show off regional clusters of innovation excellence from across the UK, including spin-out companies started from research at leading universities.
Some of the regional businesses to be spotlit include Norwich based firm Colorifix which has developed ways of using bacteria to deposit and fix dye on to textiles, and Coventry based firm Aurrigo which makes self-driving vehicles that are used to transport passengers, baggage and cargo.
It comes amid a drop in investment, which saw firms internationally receive less funding from venture capital. The move also coincides with the Chancellor’s Mansion House reforms, which are unlocking £75 billion for high growth businesses.
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Science and technology secretary Michelle Donelan said: “The UK has built a £1 trillion tech sector with a thriving start-up scene. With further capital, there is no limit to where British start-ups can take their ideas.”
She added: “There has never been a better time to invest in British tech companies — with the UK leading on every key European metric and leading the world on emerging technologies like safe AI. Our Science and Tech Superpower campaign drives home the message to investors that we need to seize the extraordinary opportunities here on home turf – or risk promising companies travelling to International competitors for funding.”
British Private Equity and Venture Capital Association (BVCA) chief executive Michael Moore added: “The UK has a thriving science and tech ecosystem built on world-class research and development, a strong talent pool and connectivity.”
“These key factors position the UK as a global Hub for technological advancement. Our research shows that private equity and venture capital (private capital) invests billions in the UK science and tech sector.”
