Help digital businesses to scale up and grow
Last updated: 09:34am 12 November 2019
Conservative Party Manifesto 2017, p.78
We will help digital businesses to scale up and grow, with an ambition for many more to list here in the UK…
According to a report by Tech Nation – a company formed by the government in 2010 to support the London tech sector – in 2016 the UK was the biggest investor in digital innovation in Europe. Moreover, the sector was growing 50% faster than the non-digital economy, with 1.64 million digital tech jobs. There is evidence that scaling up businesses can have a positive impact on productivity and opportunities for employees. With increasing benefits to be reaped in a thriving digital economy, this policy promised to help digital businesses scale up and grow.
In November 2017, the government published Scaling up: the investor perspective, a report into barriers to growth with guidelines to help businesses and investors interested in scaling up. Moreover, the government continued the rollout of Innovate UK, a body providing expert advice on project management, innovation and funding.
In January 2018, the government published its Digital Charter, which aims to deliver a comprehensive framework to enable business efficiency in the digital environment, including various forms of tax relief and investment in research and development for robotics, automation, video games and cybersecurity. In parallel, Tech Nation will run three scaling-up schemes, namely FutureFifty, Upscale and Digital Business Academy.
With new guidelines, the measures in the Digital Charter and the support from Tech Nation and Innovate UK, we can say the government has taken action to “help digital businesses to scale up and grow”. As a result, this policy is ‘done’.
Scale up your knowledge – get the details!
- UK Tech on the global scale 2019 report – TechNation
- Tech Scaleup Europe 2019 Report – MindTheBridge
- Scaling up: the perspective of business and investment leaders – Innovate UK
- The sweet spot for scaleups – Innovate UK
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